Recognise Bank adds duo of professional BTL discounted tracker products

The lender said the introduction of these products should solidify its “commitment to offering competitive and flexible lending options to its valued customers”.

The tracker products are priced at three per cent over the Bank of England base rate, which is currently five per cent.

Borrowers can also access a reduced margin of two per cent or 2.5 per cent depending on an arrangement fee of four per cent or three per cent respectively.

Both come with a five-year term, which the company said would offer “stability and certainty to borrowers”.

James Meigh, director of lending at Recognise Bank, said: “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 one per cent.”