Together cuts BTL rates for landlords exiting bridging loans

Specialist lender Together has introduced a new Buy-to-Let (BTL) retention product range, reducing rates for landlords transitioning from bridging finance to longer-term mortgage options.

The refreshed offering includes a 25 basis point reduction in rates across both first and second charge property loans. The discounted rates apply to landlords exiting an existing Together bridging loan and those refinancing at the end of a fixed-rate period with the lender.

The updated products are available as variable, two-year fixed, or five-year fixed-rate options. Acceptance fees are tiered at 2.5%, 5% or 7%, with lower interest rates offered to those choosing higher fees.

For instance, a landlord refinancing from an unregulated bridging loan to a first charge, five-year fixed BTL mortgage will now access a 6.89% rate, down from the previous 7.14% with a 7% fee.

Together has also introduced process improvements for brokers handling refinancing cases. Bridging loan customers moving to a BTL mortgage can now either submit a new application themselves via the lender’s My Broker Venue (MBV) platform or refer the case to Together’s retention team for processing.

Brokers using MBV will receive standard commission rates, while those opting to refer cases to the retention team will be paid a fixed fee of £495.

The updated rates are also available to existing landlords remortgaging after the end of their current BTL term.

“We are continually seeking opportunities to grow our lending by meeting the needs of our valued broker partners through innovation, and we believe our new lower-rate BTL Retention products will provide more options for their clients,” said Tanya Elmaz, director of intermediary sales (pictured). “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.

“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,” Elmaz added.