Together drops buy-to-let rate below 7%

The rate cut for loan-to-values (LTVs) of up to 65% follows the lender’s recent announcement of a new five-year fixed rate buy-to-let mortgage and an increase in its maximum loan size to £500k.

Together’s commercial chief executive Marc Goldberg (pictured) said there has been continued growth in lending for buy-to-let property purchases. “We’ve lowered our rates to help buy-to-let investors with their affordability calculations as they adapt to the new tax implications, in response to feedback from our broker partners.”

He added: “This follows our recent introduction of a five-year fixed rate buy-to-let mortgage, plus an increase in loan size, helping us to meet the demand from brokers. We want to ensure that buy-to-let investors; be they first-time landlords, seasoned property professionals or limited companies, have a broad choice of products with competitive rates.

“We apply our usual common sense approach and review all cases individually, and that’s been a big part of our success in this market, since no two cases are alike.”

Together offers residential, commercial and buy-to-let mortgages, short-term finance, auction finance and secured loans. The group announced record results in September, with new lending across the group up nearly 40% on the previous year. It also refinanced the business with a new bond, securing an additional £75m capital.