Specialist lender Together has introduced a new five-year fixed rate first charge residential mortgage.
The new product gives customers the option to fix their interest rates in order to mitigate Brexit uncertainty.
Pete Ball, chief executive of Together’s retail division (pictured), said: “We’re constantly improving and expanding our product offering and in the current climate, following Brexit and the general uncertainty it has prompted, customers are looking to secure their rates so they know firmly where they stand.”
The rate will apply across its first charge products and the range of properties considered eligible for the loan include standard, non-standard, high-rise and ex-council homes. The fixed rates start from 7.12%.
Ball added: “We consider a variety of income sources, including employed, self-employed and pension income, and apply our common sense philosophy to each and every lending decision, looking at the individual circumstances rather than a rigid credit score, even if the customer has an impaired credit profile.
“We’re offering both repayment and interest-only options on the five-year fixed rate product and there are no early redemption charges; meaning customers can exit at any time without penalties. Our strong financial position means we’re well-poised to navigate any fallout from the vote to leave the EU, and by introducing new products like this, we can support our broker partners and ensure that customers are getting the peace of mind they’re looking for.”
Together – formerly Jerrold Holdings – has traded for 42 years and specialises in mortgages, secured loans, bridging and auction funding.