Two major buy to let lenders have slashed their rates in a bid to win business.

One of the highest profile lenders, Paragon, has cut rates on BTL products available at up to 80 per cent loan to value. 

And its range of products for portfolio landlords – that is, owners of four or more mortgaged BTL units – includes fixed rates starting at 2.75 per cent for those looking to buy or to remortgage single self-contained units. 

Meanwhile Sharia-compliant Gatehouse Bank has also cut rates on its BTL range. 

A substantial 0.7 per cent has been taken off the five year fixed term for international residents, reducing the charge to 3.99 per cent. 

For UK residents, the two year fixed term and five year fixed term BTL products see rates cut by 0.1 per cent to 3.19 per cent and 0.24 per cent to 3.65 per cent respectively. The products for UK residents are available at up to 80 per cent finance to value.