Together cuts discount rates by 25 bps – Mortgage Strategy

Together has cut rates on its discount tracker deals by 25 basis points.
The lender’s discount rates track its standard variable rate, which it calls the Together Homeowner Managed Rate (THMR), for two years.
Together has reduced its THMR by 25bps in response to falling mortgage rates and the drop in the Bank of England base rate – meaning its discount rate deals will fall by the same margin.
Following the change, its first charge discount rates will now start from 8.8%, down from 9.05%. 
Second charge rates will now start from 9.49%, down from 9.74%.
Head of products Ben James says: “We launched our innovative discounted rate mortgage range to offer flexibility for borrowers who wanted a mortgage where the rate could reduce over the term.
“The declining rate environment has meant we have been able to pass this lower cost of borrowing on to our customers.
“This most recent reduction means there is now a 30 bps difference between our lowest priced first charge two-year discounted product and our lowest priced first charge two-year fixed product. 
“With many economists expecting the base rate to continue to decrease in 2025, the reduced rates should offer more choice for customers who may want to benefit from further reductions in the future.”