Recognise Bank has launched two professional-buy-to-let (PBTL) discounted tracker products to complement its existing two and three-year fixed rates.

The two-year tracker product features a rate of 3% over the Bank of England base rate.

Borrowers can also benefit from a reduced margin of either 2% or 2.50%, depending on the payment of an arrangement fee of 4% or 3%, respectively.

Both products come with a committed loan term of five years.

Recognise Bank director of lending James Meigh says: 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%.”

Recognise Bank says the launch of these PBTL discounted tracker products ‘further strengthens its commitment to delivering competitive rates’.