Recognise Bank has entered the buy-to-let (BTL) market with a new product designed for professional landlords and investors with portfolios of at least four properties.
The move marks the bank’s first new lending product since receiving its full authorisation and the lifting of deposit restrictions in September this year.
With rates from 3.49%, borrowers can choose a five-year fixed rate deal or a variable deal linked to the Bank of England’s base rate. Recognise Bank also confirmed that at a maximum LTV of 75%, loans will be available from £100,000 up to £5m on either new acquisitions or for refinancing existing portfolios of four properties or more.
Repayment and interest-only payment options are also available for terms of up to 10 years.
The loans can be used for single-let residential houses or blocks of flats let on an assured short-hold tenancy (AST) basis, and are open to UK-based individuals, partnerships, limited companies and LLPs that meet Recognise Bank’s lending and affordability criteria.
Recognise Bank head of corporate development, Angela Norman, commented: “We want to do more than just offer borrowers a BTL loan – we want to show them we are interested in their business and to support their success.
“Because we take a personal relationship approach to all our lending, it means advisers and their clients can have a proper conversation about their portfolios, knowing we understand their needs and will be able to offer the right funding solution.”
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