Good news for nervous homebuyers and remortgagers: Lender Together has launched a new tracker mortgage designed to help people navigate the current climate of high interest rates.

The new two-year discounted rate tracker mortgage is available for first and second charge mortgages, covering a range of scenarios:

• First-time buyers
• Shared ownership
• Right to buy
• Debt consolidation
• Home improvements

With economists predicting that interest rates may start to fall, this tracker mortgage allows borrowers to benefit from any potential drop in rates. This is in contrast to fixed-rate mortgages, where your rate remains the same for a set period, even if the market rates fall.

More good news: Together has also announced a number of other customer-friendly changes:

• Cross-charging now allowed: You can now cross-charge against an existing buy-to-let property for regulated bridging loans.
• Longer refurbishment window: The refurbishment window on bridging loans has been doubled from four weeks to eight, giving you more time to complete renovations.
• Larger maximum loan sizes: The maximum loan size has increased for second charge loans, first and second charge consumer buy-to-let loans, and first charge regulated bridging loans.

Tanya Elmaz, director of intermediary sales at Together, commented: “The new discounted rate will give our customers the opportunity to make the most of the fluctuating market, with many economists expecting a downward rate environment over the next few months. This new product will give more options to customers who want to see their payments move with market rates as an alternative to fixed rates which have dominated the market recently.”