Together lowers bridging rates in response to base rate cut

Together has reduced rates on its commercial and personal finance short-term products following the Bank of England’s 0.25% base rate reduction.

The cuts apply to the lender’s bridging products and variable rate term products secured against residential and commercial property.

Together’s lowest rates for first charge unregulated bridging products have been reduced from 0.91% to 0.89% and from 1.01% to 0.99% on second charge unregulated bridging products for loans secured against residential property.

The lowest rates for unregulated bridging loans secured against commercial property have been cut from 1.03% to 1.00% while rates for first charge regulated bridging loans have been reduced from 0.85% to 0.83% for first charge and 1.00% to 0.98% for second charge products.

Together’s interest rates for variable rate term products have all reduced by 0.25%, passing the full impact of the Bank of England base rate reductions on to borrowers. The Bank’s Monetary Policy Committee reduced rates by 0.25% to 4.25% at its meeting yesterday.

Together offers flexible criteria such as projected income, non-standard property types, non-UK applicants and first-time buyers and investors, and lends on broad range of residential and commercial properties.

Tanya Elmaz, director of intermediary sales at Together, said: “It’s an encouraging sign that the Bank of England decided to cut the base rate yesterday in a move designed to stimulate growth in the UK economy.

“The base rate cut has an impact on lowering our cost of funds and we’re pleased to be able to support growth in the residential and commercial property sectors. Today’s changes mean we can pass on these lower rates to brokers’ clients looking for our award-winning, fast and flexible regulated and unregulated bridging finance products to meet their property ambitions.”