Two more lenders are slashing their mortgage rates!

Together Cuts Rates by Up to 25bps

Together, a specialist lender, has reduced rates on its popular “Discounted Rate” mortgage products. This type of mortgage is a bit like a tracker, offering a discount on the lender’s standard homeowner managed rate for two years.

Here’s the summary:

• Homeowner managed rate: Cut by 25 basis points (bps).
• First charge products: Now start from 8.85% (down from 9.10%).
• Second charge products: Now start from 9.15% (down from 9.40%).

This move comes after the Bank of England lowered the base rate by 0.25% to 5% last month. Together is clearly reacting to this change and giving landlords a chance to take advantage of lower rates.

Together’s director of intermediaries, Tanya Elmaz, said: “Our discounted rate product gives our customers the opportunity to make the most of this. Many economists expect further base rate reductions, meaning customers may see even more savings in the future.”

Aldermore Slashes Rates by Up to 20bps

Aldermore, another big name in the mortgage market, is also cutting rates. They’ve reduced their managed rate, which is their standard variable rate, for both residential and buy-to-let mortgages, from 9.73% to 9.53%.

Here’s what you need to know:

• New customers: From 6 September, all new mortgage offers and product switches will reflect the new, lower rates.
• Existing customers: From 1 October, all managed rate-linked variable rate accounts will be updated to reflect the new rates.

Aldermore will be writing to all affected customers to let them know about their new interest rate and monthly payments.

If you’re thinking of buying a new property or refinancing your existing mortgage, it’s a good time to talk to a mortgage broker. They can help you find the best deals and rates available to you.