Together launches five-year fix for BTL

by: Heather Greig-Smith
  • 21/10/2016
  • 0
Together launches five-year fix for BTL
Specialist lender Together has introduced a new five-year fix for buy to let and increased its maximum loan size to £500,000.

Together, which lent over £1bn in the year to June, also said it is seeing increased applications from limited companies in light of changes to buy-to-let taxation.

Commercial chief executive Marc Goldberg said despite these changes the sector has proved resilient in 2016.

“Buy-to-let lending continues to perform well, and we’ve been able to grow whilst maintaining a high quality customer base,” he said. “Given this growth, we want to ensure that we offer a variety of products to meet the continued demand. Our new fixed-rate product, as well as bigger loan sizes, will help us deliver more funding to property investors, through our network of broker partners.”

Together said that with average London house prices reaching £474,736 in September, larger loans are welcomed by investors.

“We offer both interest-only and repayment options with loan-to-values of up to 75%, and we’ll accept projected rental incomes, so landlords don’t need to have a tenancy already in place to secure the funding needed. We also lend to limited companies, and have seen an increase in applications from limited companies for buy-to-let funding as a result of the various tax hikes.”

Together’s current loan book is in excess of £1.8bn. It recently refinanced – issuing a new bond at a significantly lower rate, and was named in the Sunday Times Top Track 250 for private mid-market growth companies with the biggest sales.

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