It also announces several enhancements
Property lender Together has launched a new discounted rate mortgage to offer greater flexibility for personal finance customers.
The Discounted Rate mortgage is a tracker mortgage, offering a discount on the Together Managed Rate, plus product margin, for two years. The rate is lower than the variable rate products for personal mortgages and secured homeowner loans.
The lender said the product is aimed at people who do not want to fix their mortgage rate due to high interest rates, do not expect to repay the loan in full during the two-year period, and want a mortgage where the rate could potentially decrease over time.
It is available for first charge mortgages, including first-time buyers, shared ownership, right to buy, and second charge mortgages, including debt consolidation and home improvements. Repaying the mortgage in full during the two years will incur an early repayment charge (ERC) of 3% in year one and 2% in year two.
“At Together, we are keen to show that we maintain a healthy appetite for lending despite the economic turbulence the market has experienced over the past couple of years,” said Tanya Elmaz (pictured), director of intermediary sales at Together. “The new discounted rate will give our customers the opportunity to make the most of the fluctuating market, with many economists expecting a downward rate environment over the next few months.
“Common-sense lending is at the heart of our ethos at Together, and our customers and partners are key to every decision we make. This new product will give more options to customers who want to see their payments move with market rates as an alternative to fixed rates which have dominated the market recently.”
Together has also announced several other changes across its product range and has enhanced its affordability calculator. The lender will now allow cross-charging against an existing buy-to-let security for regulated bridges.
In addition, the refurbishment window on bridging loans has been increased from four weeks to eight, giving customers more time to complete renovation projects before marketing the property.
Lastly, Together has increased its maximum loan size across second charge loans, first and second charge consumer buy-to-let loans, and first charge regulated bridging loans.
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