The discounted rate product offers a discount on the Together Managed Rate plus product margin for two years and is priced lower than its variable rate offerings.
It is available on first charge mortgages, shared ownership and Right to Buy deals, as well as second charge mortgages.
Pricing has been reduced from 8.55% to 8.3% for a first charge and from 9.24% to 8.99% on a second charge. These are both available up to 65% loan to value (LTV) with a £1,495 fee.
Further, Together has increased the maximum loan sizes available before referral on second charge and CBTL products for ‘accidental’ landlords.
The maximum loan size for a second charge up to 75% LTV has been increased from £100,000 to £250,000, while for up to 65% LTV, it rises from £250,000 to £500,000, and is up from £500,000 to £750,000 for up to 60% LTV.
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Across its CBTL range, the maximum loan size has gone up from £250,000 to £500,000 up to 65% LTV and from £500,000 to £750,000 at 60% LTV.
Tanya Elmaz, director of intermediary sales at Together, said: “We are consistently improving our products in response to market demand and feedback from our valued broker partners.
“Our Discounted Rate product has proved popular for borrowers who don’t currently want to fix their mortgage rate due to uncertainty surrounding future interest rates, don’t expect to repay the loan in full during the two-year period, and want a mortgage where the rate can reduce over the term.”
She added: “Together’s CBTL mortgages are for ‘accidental landlords’, and we will consider applications from UK-based and expat clients, with affordability calculations based on their rental income, and for properties such as houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
“We’re delighted to be able to offer these ranges at lower rates; the latest in a series of product innovations over the last few months, and this will provide even more choice of Together’s award-winning products for brokers and their clients.”
Last month, the lender increased the maximum loan sizes on its commercial term, BTL mortgages, and homeowner business loans (HOBL).
Together also recently reduced rates for its fixed rate term products and bridging products following changes in swap rates and the Bank of England’s 0.25% base rate reduction in May.
