Rate cuts follow fall in swaps ahead of expected Bank of England move
Specialist property lender Together has reduced interest rates on a range of fixed rate commercial and personal finance products, reflecting recent market movements.
The lender said the pricing adjustments would impact its buy-to-let, commercial and semi-commercial loans, along with regulated mortgages, second charge lending, consumer BTL, and homeowner business finance.
The most significant change is in the buy-to-let category, where fixed rates for two-year terms at 65% loan-to-value (LTV) have been lowered by 40 basis points (bps), now starting from 6.09%.
Five-year fixed products for commercial and semi-commercial loans at 65% LTV have also been adjusted. Commercial mortgage rates have fallen from 8.84% to 8.64%, while semi-commercial rates have declined from 7.99% to 7.79%.
Meanwhile, rates on personal finance offerings have been trimmed by 10bps. This includes a drop to 7.59% on five-year fixed mortgages and 8.10% on second charge loans.
Consumer BTL deals — aimed at accidental landlords — have moved from 7.50% to 7.40%. Homeowner business loans now start from 9.80%, down from 9.95%, on five-year fixed agreements.
Together attributed the changes to a recent fall in swap rates, a key component in setting fixed mortgage pricing. The move comes ahead of the Bank of England’s upcoming monetary policy decision later this week, with a base rate cut widely expected.
“We’re delighted to be able to lower rates on our regulated and unregulated mortgage products, while still being able to offer flexible criteria such as projected income, non-standard property types, non-UK applicants and first time buyers and investors,” said Tanya Elmaz (pictured), director of intermediary sales at Together.
“The fallout from the US’s policy on tariffs has caused global economic instability, which is expected to lead to more frequent base rate reductions throughout this year. At Together, we’re passing on these lower rates to broker’s clients ahead of the Bank of England’s decision next week.”
Together said it will continue to accept Hometrack valuations for residential properties on loans up to £500,000, subject to criteria. The lender will also use its in-house legal team for transactions, which it says can lead to cost savings for borrowers. In addition, applications for Shared Ownership and Right to Buy mortgages will be considered, including for first-time buyers using gifted deposits.
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