UTB said the changes were live with immediate effect and applications submitted on previous BTL products will be honoured as long as an offer is issued before 31 October. 

Reductions apply to products with 2%, 3%, 4% and 5% fee options across the lender’s standard, specialist and non-standard BTL deals. 

UTB’s rates for mortgages against a single dwelling on an assured shorthold tenancy (AST) start from 5.69% for a two-year fixed deal and 5.29% for a five-year fix. 

For specialist houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) up to 10 rooms or units, two-year fixed rates begin from 5.69% and five-year fixes start from 5.44%. 

For non-standard holiday let properties, rates begin from 7.25% for a two-year fixed deal and 7.05% for a five-year fix. 

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Buster Tolfree (pictured), director of mortgages at UTB, said: “Last week’s base rate cut was welcome news for all mortgage borrowers, both in terms of reducing repayments but also helping to address the affordability gap. We have moved quickly to pass on the lower rates now available in the market and will follow up with more announcements on other products in UTB’s mortgage range soon.”