Together cut residential mortgage rates

The specialist finance provider Together has revealed further rate cuts to its residential mortgage range to 6.69%. The lender has made reductions across a full range of products available, including 2.9% on shared ownership mortgages with newly simplified plans, as well as a reduction of 1.15% on right-to-buy plans.

The lender’s maximum loan amount has also increased across all its mortgages from £150,000 to £200,000, responding to current market demand.

In line with this, Metro Bank has also refreshed its mortgage offering, with rate reductions being placed across its buy to let and residential mortgage range. The bank revealed that it will now allow up to 50% of the property value to be used as repayment strategy on interest only mortgages (for properties valued above £2 million.) Residential products of up to £5 million will also consider mortgages above this amount on a case-by-case basis.

Metro Bank will also now accept a builder’s incentive of up to 5% the purchase price, with residential properties up to 85% loan to value (LTV) and up to 75% LTV for buy to let properties. The lender has also launched a range of new 3 year fixed rates for residential and buy to let mortgages. Kensington has also now increased the maximum LTV on its core residential range to 85%. Rates now start at 3.34% for a 2 year fix at 65% LTV, 3.64% for a 3 year fix and 4.29% for a 5 year fixed rate. At 85% LTV, rates will start from 4.49% for 2 year fixes and 4.79% for 3 years.

Kensington also now offers free valuation on purchases and free standard legal work for remortgages, with no completion fee. A 65% LTV 2 year fixed is priced at 3.79% and a 3 year fixed is 4.04%. At 85% LTV, a 2 year fixed is priced at 4.99% and a 3 year fixed is 5.29%.

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