The changes will benefit expat and foreign national borrowers, with cuts of up to 1.5%. The lender said it had made this change in response to rising demand and an increase in foreign-owned BTL companies.
Together said recent research showed a fifth of BTL companies created this year were set up by expats and non-UK nationals, up from 13% in 2016. It added that this was reflected in its lending data, with between £1m and £1.5m lent each month to foreign investors in the last year.
Ryan Etchells, chief commercial officer at Together, said: “We’re proud to be making these rate reductions to further support foreign investment into the UK’s property market. Data shows growing international confidence in UK real estate, despite economic turbulence and constant regulatory changes, and Together is dedicated to encouraging this.
“Foreign capital plays a vital role in easing pressure on the private rental sector, especially at a time when domestic investment is constrained and the UK continues to fall short of its annual homebuilding targets.”
Together said London was usually a key area for overseas investment, but there had been a shift, with more demand for property in the East Midlands, West Midlands and Scotland.
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Etchells added: “This regional diversification is good news for communities across the UK. It spreads economic activity beyond the capital, supports local jobs, and helps deliver much-needed housing.
“At Together, we specialise in understanding the complex financial profiles often seen with overseas investors, including self-employment and multiple income streams. Our expert team takes a bespoke approach to each customer’s financial situation to make tailored lending decisions.
“Ultimately, foreign investment is not just about property ownership; it demonstrates confidence in the UK’s legal and financial systems, and is a valuable contribution to our struggling housing market.”
