With the offer, the rates were lowered by 0.50%, to as low as 2.89% on BTL purchases for UK residents, 2.99% for UK expats, and to 3.39% for international residents.

“We’re delighted to offer these limited-edition rental rate reduction products for landlords in a period of rising rates,” John Mace, the bank’s product manager, said. “The property market remains incredibly busy and so we hope many buy-to-let investors needing finance over £500,000 will be able to act quickly to make the most of these attractive rates and lower fees while they last.”

Read more: Gatehouse Bank launches new buy-to-let and house purchase plan products.

The bank said the reduction applies to purchases made both by individuals and corporate entities, and includes houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).

The rate on a BTL purchase with finance over £500,000 for a UK resident at 65% FTV has decreased to 2.89%, down from 3.39% for a 2-year fix, and decreased to 3.25%, down from 3.75%, for a 5-year fix.

A 2-year fix for UK expats at 65% FTV has fallen from 3.49% to 2.99%, while the same product for international residents has fallen from 3.89% to 3.39%.

Gatehouse Bank is also fixing the product fee for these products at £5,000 for all customers and property types regardless of finance amount (£500,000 to £5m).