Rates on first charge buy-to-let mortgages have been reduced by mortgage lender Together. This takes them below 7%, with LTVs of up to 65%.
Together’s announcement comes after their recent introduction of a new five-year fixed rate buy-to-let mortgage as well as an upping of its maximum loan size to £500,000.
“We’ve seen continued growth in lending for buy-to-let property purchases, and are committed to continually improving our offering,” said Together’s commercial CEO Mark Goldberg, adding that the lender had lowered its rates to help buy-to-let investors with affordability. This comes as buy-to-let investors seek to adapt to the new tax rules on second homes and buy-to-let properties.
The introduction of the five-year fixed rate buy-to-let mortgage and the increase in the loan size have both been done to meet the demands of brokers, Goldberg said.
“We want to ensure that buy-to-let investors; be they first-time landlords, seasoned property professionals or limited companies, have a broad choice of products with competitive rates.
He added: “We apply our usual common sense approach and review all cases individually, and that’s been a big part of our success in this market, since no two cases are alike.”
In September the Together group announced record results, with new lending up almost 40% on the previous year.