Together has lowered rates in its discounted rate mortgage range following the reduction in the base rate.
The discounted rate mortgage works like a variable tracker, offering a discount on the lender’s homeowner manager rate plus product margin for two years.
The two-year discounted rate has a lower interest rate than the firm’s variable rate product for Together’s mortgages and secured homeowner loans.
The homeowner manager rate has been cut by 0.25% following the cut to the base rate in August.
First and second charge discounted products have also been cut by 0.25%; the first charge deal will start from 8.85% and second charge rates will begin from 9.4%.
Tanya Elmaz (pictured), director of intermediaries at Together, said: “We’re pleased that we’re able to pass on the lower cost of our own borrowing to our valued customers through our broker network.
“We launched our innovative discounted rate mortgage range to offer flexibility on rates for borrowers who didn’t expect to repay the full loan amount during the initial two-year period but wanted a mortgage where the rate could reduce over the term.
“We have seen the first base rate cut in more than four years and our discounted rate product gives our customers the opportunity to make the most of this.
“Many economists are also expecting this downward rate environment to continue, with further base rate reductions possible through 2024 and 2025, meaning customers who have taken out this product may see further savings on their borrowing costs.”
Together recently upsized its bridging facility to £600m and also lowered personal and commercial product rates.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
