Specialist lender Together has reduced rates on its second charge products to help more borrowers who may have been declined by mainstream lenders.

The new Prime Plus second charge mortgage has been launched at a rate of 4.29% for capital repayment and to 4.79% for interest only.

The two-year fixed rate limited edition product has been added to the lender’s range alongside a re-priced five-year fixed second charge mortgage product, which comes with a rate of 4.99% for capital repayment and 5.49% for interest only.

Meanwhile, the maximum LTV for Together’s second charge term products, which are initially available for three months, has been raised from 70% to 75% and the lower rate products are for loans of up to £1m.

Sundeep Patel (pictured), director of sales at Together, said: “We expect demand in the second charge market to grow significantly throughout this year and are refreshing our product offering – including launching our Prime Plus two-year fixed secured loans – to help our intermediary partners’ clients achieve their ambitions.

“These changes may help borrowers who have been locked out by high street lenders. 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 also fit Together’s criteria for our second charge products, subject to affordability assessments.

“At a time when people’s circumstances may have changed due to coronavirus, we think it’s important that lenders offer flexible criteria and competitive rates to increase the choice available in the market.”

Together’s Prime Plus second charge range is available to network and club brokers through the lender’s specialist distributer partners, and for direct customers.