Funded by Mortgage Express, the product has a number of flexible features including overpayments of up to double the normal monthly repayments, underpayments and drawdowns. Other features include no extended tie-ins and no mortgage indemnity premium.
The maximum loan size is £1 million and a procuration fee of 0.45 per cent of the loan is payable, minimum £175.
Jon Round, head of mortgage development at Norwich Union, said: "Buy-to-let mortgages are becoming increasingly popular and with this affordable fixed rate deal, borrowers have extra peace of mind, knowing what their monthly repayments will be. The 5.74 per cent fixed rate is great value for money and with the extra flexibility built-in, we are expecting lots of interest in the market."
