The specialist lender Together has launched its lowest ever monthly rate for short-term finance of 0.49% for the first six months. Its purpose is to help property investors and landlords to renovate newly-purchased residential properties, including auction purchases.
“This is our lowest ever rate for short-term finance, and has been specifically designed to help customers make the most of their residential property purchases,” said Chris Baguley, Commercial Director at Together.
The deal is that customers will be able to benefit from the new rate for the first six months of a 12-month bridging loan of £30,000 to £250,000 at up to 75% loan-to-value and up to £500,000 at 70% loan-to-value, to buy a residential property of standard construction.
The aim of the lower rate is to “improve cash flow and free up their money for renovations, before resale or letting to tenants. We anticipate it will be popular with a range of customers including auction buyers, buy-to-let investors and portfolio landlords,” added Chris.
Furthermore, it will support landlords in the buy-to-let market as well, which despite tax and regulatory changes, it has still remained resilient. As landlords and investors keep adjusting their portfolios, the figures from November showed an increase of 10.8% or £334.1 million in sales.
Together can also help with quick funding decisions over the phone or online. With representatives at more than 300 auctions a year across the UK, the buyers that are planning to renovate and re-sell their properties can ask the lender for more information about the new low rate.
Established in 1974, Together offers short-term finance, auction finance, residential, buy-to-let and commercial mortgages, and secured loans. It is one of the most profitable and financially stable businesses in the North East, with more than 500 employees and a loan book topping £2 billion. The key of their success is that they put people’s experience and understanding of the customers’ needs front and centre of the decision-making process.
