"These latest products are designed to offer the Borrower a competitive rate as well as provide the flexibility to switch products free of any prepayment fee in two years’ time"
Recognise Bank, which entered the buy-to-let market in 2021 with a product designed for professional and portfolio landlords, has introduced two new products to its range.
The two-year tracker products feature a headline rate of 3.00% over the Base Rate and 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 5 years.
James Meigh, Director of Lending at Recognise Bank, commented: "Since we launched our first PBTL 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%.”
