An increased demand from mortgage brokers has led to The Cambridge Building Society cutting the rate of its buy-to-let mortgage by up to 0.25 per cent.
According to commercial director Andy Lucas, the building society has seen an increase in applications for buy-to-let mortgages and wants to remain competitive.
Two products have been cut, a 70 per cent loan to value (LTV) mortgage has dropped from 5.09 per cent to 4.94 per cent, while a 75 per cent LTV mortgage is now 5.14 per cent, down from 5.39 per cent.
Both mortgages have a maximum loan of £250,000 and revert back to the 4.99 per cent rate after two years. They also come with a £199 application fee and £1,800 completion fee.
Lucas said: “We have seen an increase in interest around our buy-to-let products and we wanted to support the market with a more competitive product for those people seeking a two year fixed rate product.”
