Together has revamped its second charge mortgages to introduce new fixed-term products and its lowest ever rate on some secured loans.
The lender has announced cuts to its second charge ‘prime plus’ range, with rates for residential borrowers starting at 5.19% at a maximum 65% loan-to-value (LTV).
It is also introducing new maximum borrowing limits, as well as adding new two and five-year fixed rate second charge mortgage products on its prime plus plans for near prime borrowers.
Richard Tugwell, intermediary relationship director at Together, comments: “We’re constantly working with our partners to launch new products and improve those we already have, and many brokers we’ve worked with had said that the new fixed-rate second charge products would be a great addition to our second charge range.”
“Although a second charge isn’t always the right solution, in some cases it can be, so brokers should be looking at this type of lending as a viable option to remortgaging when advising their clients.”
Together’s new two-year fixed products will start at 5.89% and five-year fixed at 6.39%.
Meanwhile, the lender is doubling its maximum prime plus second charge loan sizes to £150,000 at 77.5% LTV and to £200,000 at 75% LTV.
Andy Pelley, director at second charge mortgage broker, The Loan Partnership, says: “Over the last few years, we’ve seen a rising demand for second charge borrowing as people begin to better understand the flexibility of these kinds of products.”
“We believe Together’s amendments will make second charge mortgages even more attractive for our clients.”