Recognise Bank has entered the rental market with a new product designed for professional landlords and investors with portfolios of at least four properties. 

The product – called Professional Buy To Let – is Recognise’s first new mortgage since receiving its full authorisation and the lifting of deposit restrictions in September this year.

With rates from 3.49 per cent, borrowers can choose a five-year fixed-rate deal or a variable deal linked to the Bank of England Base Rate. With a maximum Loan To Value of 75 per cent, loans are 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 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 AST basis and are open to UK-based individuals, partnerships, Limited Companies and LLPs that meet Recognise’s criteria.

The bank claims that by focusing on borrowers who already have a significant property portfolio, and by offering a range of flexible options, it aims to help raise the quality rental properties in the UK.

Angela Norman, head of corporate development at Recognise, says: “We want to do more than just offer borrowers a buy to let 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.”

Recognise Bank was created to serve SMEs that – in its words – “are being ignored by the big banks.”