Recognise Bank has launched two professional buy-to-let discounted tracker products to complement its existing two and three-year fixed rates.
The two-year tracker product features a headline rate of 3.00% over the Bank of England Base Rate. Borrowers can also benefit from a reduced margin of either 2.00% or 2.50%, depending on the payment of an arrangement fee of 4.00% or 3.00%, respectively.
Both products come with a committed loan term of five years.
Recognise Bank first entered the buy-to-let market in 2021 with a product designed for professional and portfolio landlords.
James Meigh, director of lending at Recognise Bank, commented: "Since we launched our first professional buy-to-let products in September 2021, we’ve always kept our products and approach to pricing as simple as possible.
"These latest products are designed to offer the borrower a competitive rate as well as providing the flexibility to switch products free of any prepayment fee in two years’ time. If as many commentators suggest, rates start dropping next year, the prepayment fee in year two is a modest 1%.”
