Buckinghamshire Building Society has launched an 80% loan to value buy-to-let five-year mortgage at a 3.09% fixed rate, with a product fee of £1,495.

This loan is the leading rate for BTL mortgages up to 80% LTV, according to its Mortgage Brain Buckinghamshire Building Society Product Comparison Report on 8 June.

Buckinghamshire Building Society head of lending Tim Vigeon called the loan “the best in market”.

The product is available for standard buy to let borrowers with a minimum household income of £35,000 a year, or BTL limited companies set up by such borrowers.

The mutual says the “product has a limited tranche and all cases are expected to complete by 31 August 2021”.

It adds its “streamlined” application process, uses an online affordability assessment and calculator, giving “brokers the ability to provide clients with an instant decision in principle on their application”.

Vigeon says: “We have a limited tranche for this product and it is expected to sell quickly.

“By combining the streamlined application process using our new affordability assessment and calculator, now on our website, we can enable a very quick turnaround time for brokers with re-mortgage cases.”

“We anticipate that brokers will welcome this very attractive new product in the crowded BTL market and will seek to take advantage of the short window of opportunity for their clients.”