Recognise Bank, a leading provider of financial solutions for SMEs, is proud to announce the launch of two professional-buy-to-let (PBTL) discounted tracker products to complement its existing 2 and 3-year fixed rates. The introduction of these new products demonstrates Recognise Bank’s commitment to offering competitive and flexible lending options to its valued customers.
The two-year Tracker product features an attractive 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 5 years, providing stability and certainty to borrowers.
James Meigh, Director of Lending at Recognise Bank, commented on the launch of these new products, saying, ” 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 for a minor increase in our usual 2.00% arrangement fee 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%.”
Recognise Bank continues to prioritise the needs of its customers, brokers, and partners, and strives to provide them with innovative financial solutions that cater to their specific requirements. The launch of these PBTL discounted tracker products further strengthens the bank’s commitment to delivering competitive rates, flexibility, and exceptional customer service.