Together is changing rates across its buy-to-let (BTL) product range, including the introduction its lowest ever rate.

Rates on Together’s first charge BTL range are being lowered from 4.99% to 4.49%, the Cheshire-based lender’s lowest ever rate.

The maximum mortgage and second charge LTVs are also being changed, with a raise from 70% to 75% in response to growing demand for flexible products.

Rates are also being cut on Together’s five year BTL products from 5.49% to 4.99%, with two year products’ rates reducing from 5.19% to 4.79%.

Together’s second charge BTL variable rates are now 5.99%, down from 6.99%.

Together director of sales Sundeep Patel says the changes are being made in response to feedback from its network of brokers.

“The BTL lending market has become increasingly competitive since the start of the year with new entrants into this space and, in introducing these changes, we want to make sure that we’re offering the right solutions for clients at the right rates,” says Patel.

In a recent Together blog, Patel forecast climbing house prices will continue to drive demand for BTL products in 2022.

He wrote: “As it stands, many young people can’t afford to buy a house at the current average price. So private rented properties will continue be in high demand – which is good news for landlords.

“If you’re a professional landlord you will continually want to liquidate your equity. And taking equity out to keep buying more drives BTL growth.”