Together lowers its two and five-year fixed mortgage rates

Together has cut rates on its mortgage products to help more borrowers struggling to get finance from mainstream lenders.

The specialist finance group’s new Prime Plus two-year fixed mortgages have been launched at a rate of 4.29% for capital repayments and 4.79% on interest only repayments, while its five-year fixed rate has been re-priced to 4.99% (capital) and 5.49% (interest only).

The lower rate products are available for three months at up to 70% LTV on loan sizes of between £50,000 and £500,000.

Self-employed customers, freelancers and contractors, those on zero-hour contracts, retired people and those on benefits, as well as those in full employment, may also fit Together’s criteria for its new product, subject to an affordability assessment.

The lender will consider applications from customers with County Court Judgments (CCJs) which have been settled for at least two years and those who have paid unsecured arrears up to six months before taking out the new product.

Borrowers who have missed only one mortgage or secured loan payment in the past three years and none in the last year, may also be eligible.

Sundeep Patel director of sales at Together, said: “Our new two-year and re-priced five-year fixed rate mortgages are designed to give customers who may not fit the mainstream mould more options to make their property-owning ambitions a reality.

“Borrowers may be looking for a mortgage on a property of non-standard construction, they may have a non-standard income stream of may have had a minor credit blip in the past – or a combination of all three – which could make it difficult for them to access the finance they need.

“We think that it’s important for lenders to offer flexible criteria to increase the choice available in the market and believe there is a strong market demand from would-be customers who may not be able to access mortgages from mainstream lenders.”

Together’s Prime Plus mortgages are available to network and club brokers through Together’s specialist distributer partners and for direct customers.