"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"
- Tanya Elmaz - Together
Together has introduced a revised Buy-to-Let (BTL) retention product range, lowering interest rates for landlords switching from bridging loans to longer-term financing.
The specialist lender has cut rates by 25 basis points across first and second charge BTL loans. The new pricing applies to borrowers who are either refinancing to exit an existing Together bridging loan or reaching the end of a fixed rate term on their current BTL mortgage with the lender.
The updated products offer variable, two-year fixed, and five-year fixed rates, with a tiered acceptance fee model of 2.5%, 5% or 7%. Higher fee selections come with reduced interest rates.
As an example, landlords moving from an unregulated bridging loan to a first charge five-year fixed BTL mortgage will now access a rate of 6.89%, a drop from the previous 7.14% at the 7% fee level.
To support the changes, Together has introduced greater flexibility for brokers submitting applications. Bridging loan customers transitioning to a BTL mortgage can either apply through the lender’s My Broker Venue (MBV) system or refer the case to Together’s dedicated retention team.
Brokers submitting directly via MBV will continue to receive standard commission, while those referring cases will be paid a fixed fee of £495.
The new rates are also available to existing BTL landlords who remortgage with Together after their fixed-rate term ends.
“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,” explained Tanya Elmaz, director of intermediary sales. “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 noted.
