Together has cut rates on two homebuyer mortgage products to “help more borrowers struggling to get finance from mainstream lenders”.

The specialist lender’s Prime Plus two-year fixed mortgage has been launched at a rate of 4.29 per cent for capital repayments and 4.79 per cent on interest-only repayments. This falls from 4.99 per cent and 5.49 per cent respectively.

Also, its Prime Plus five-year fixed rate has been cut to 4.99 per cent for capital repayments and 5.49 per cent on Interest-only repayments. This was previously, 5.99 per cent and 6.49 per cent respectively.

These lower rate products are available for three months at up to 70 per cent loan to value, on loan sizes of between £50,000 and £500,000.

Self-employed customers, freelancers and contractors, those on zero-hour contracts, retired people and those on benefits, as well as those in full employment, may be eligible, subject to an affordability assessment.

The Cheadle-based lender says it will consider applications from customers with county court judgments, which have been settled for at least two years and those who have paid unsecured arrears up to six months before taking out the new product.

Borrowers who have missed only one mortgage or secured loan payment in the past three years and none in the last year, may also be eligible.

Together director of sales Sundeep Patel says: “Our new two-year and re-priced five-year fixed-rate mortgages are designed to give customers who may not fit the mainstream mould more options to make their property-owning ambitions a reality.

“Borrowers may be looking for a mortgage on a property of non-standard construction, they may have a non-standard income stream of may have had a minor credit blip in the past – or a combination of all three – which could make it difficult for them to access the finance they need.”

Patel adds: “We think that it’s important for lenders to offer flexible criteria to increase the choice available in the market and believe there is a strong market demand from would-be customers who may not be able to access mortgages from mainstream lenders.”

Together adds its Prime Plus mortgages are available to network and club brokers through the firm’s specialist distributor partners and for direct customers.