Family Building Society has announced a 30 basis point (bps) reduction on its UK Landlords buy-to-let product.

This means that its five-year fixed rate product is now available at 4.59%.

Additional features of the product include the following:

• Maximum LTV now 65% (previously 60%)
• Minimum loan now £45,000 (previously £100,000)
• Maximum loan now £750.000 (previously £600.000)
• No application or product fee
• Free valuation up to £500,000 (discounted thereafter)
• £500 cash back for remortgages

The society has also withdrawn its 60% LTV Limited Company five-year fixed rate product (XF0898).

Darren Deacon, the society’s head of intermediary sales, said: “The launch of this new, enhanced buy-to-let product for UK landlords comes at a time when the rental market is facing many challenges.

“This competitive five-year fixed rate product will be a welcome boost to those landlords looking for financial certainty over the medium term.”