Together has lowered rates for its Buy-to-Let products for landlords switching from bridging loans to longer-term finance.
The new Buy-to-Let Retention product range will see rates reduced by 25bps on first and second charge property loans for landlords refinancing to exit their original Together bridging loan or BTL customers refinancing at the end of a fixed rate period.
The flexible products are available on variable rates, as well as two and five-year fixed rates, and come with acceptance fees on a sliding scale of 2.5%, 5% or 7%, with borrowers who opt for higher fees paying a lower overall interest rate.
Together has also streamlined its application process by allowing two options for bridging loan customers refinancing on to a BTL product; to submit a new BTL case themselves via Together’s My Broker Venue (MBV) system or to refer the case to the lender’s retention team to process.
Together will pay standard commission rates for brokers submitting cases through MBV, or a fixed fee of £495 to brokers referring cases to its retention team.
Existing landlords who remortgage with Together after their current BTL term ends will also have access to the new rates.
Commenting on the changes Together director of intermediary sales Tanya Elmaz said: “Our new BTL Retention products are available to our existing bridging and Buy-to-Let customers and for a diverse number of property types such as Houses in Multiple Occupation (HMOs) Multi-Unit Blocks and holiday lets, for example.”
She added: “The number of BTL mortgages available on the market has risen to record levels, giving brokers and their clients a huge amount of choice, and it’s encouraging to see average mortgage rates beginning to fall across the board, which again will offer increased investment opportunities for new and existing landlords.”
