Specialist  

Together tweaks rates and LTVs

Together tweaks rates and LTVs
 Credit: Jason Alden/Bloomberg

Specialist mortgage lender Together has lowered the rates and increased the loan-to-value range on some of its products.

The lender has repriced its personal five-year fixed-rate mortgages to 5.99 per cent on capital repayment and 6.49 per cent on interest-only, both previously priced at 6.99 per cent.

Rates on regulated bridging loans have also been cut, from 0.85 per cent at all LTVs to 0.65 per cent at 50 per cent LTV, and 0.75 per cent at 70 per cent LTV.

Additionally, the lender has increased the loan-to-value range on its buy-to-let products.

LTVs on buy-to-let and specialist holiday let products have increased by five percentage points to 75 per cent for purchases, and 70 per cent for refinancing.

LTVs on second charge buy-to-lets have also been raised from 65 per cent to 70 per cent.

Sundeep Patel, director of sales at Together, said: “[We’ve] updated our offering to provide more options for borrowers buying a new home or refinancing their existing house, or for those looking to seize an opportunity to invest in rental property.

“We anticipate that the residential buy-to-let market will return to health post-Covid and believe that holiday lets will prove attractive to investors as the popularity of UK staycations increases once lockdown is lifted.

“These are the latest changes we’ve introduced as we continue to increase our lending and there are still more improvements in the pipeline.”

David Hollingworth, associate director, communications at L&C Mortgages, commented: "It’s encouraging to see Together reviewing its rates and making some substantial cuts.

"They still won’t be hitting any best buy tables priced from 5.99 per cent but the Together proposition is a specialist one and its criteria can offer an option where others can’t."

The changes come after Together raised the maximum LTV across its first and second charge mortgage products in December to 70 per cent.

The lender was among many that stopped accepting new loan applications in March amid the pandemic.

chloe.cheung@ft.com

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