Paragon Bank has added limited-edition five-year fixed rate products to its range of buy-to-let mortgages, with rates starting at 5.75%.
The limited-edition products, which include lower rates for properties with EPC ratings of A–C, are available at up to 75% loan-to-value (LTV) with rates fixed over a five-year term.
For landlords borrowing up to £4 million for the purchase or remortgage of single self-contained units (SSC), rates start at 5.75%, with the Interest Cover Ratio (ICR) set at pay rate. These products incur a 5% product fee and include a free valuation.
Paragon is also offering mortgages for SSC properties with a flat fee of £2995, with rates starting at 6.45%. The flat fee mortgages are available up to a maximum loan size of £1 million, have no application fee and include a free valuation.
The specialist lender has also announced the launch of limited-edition five-year fixed rate products for landlords purchasing or remortgaging houses in multiple occupation (HMO) or multi-unit blocks (MUB).
Rates start at 6.00% with a 5% product fee, ICR calculated at 6% and a maximum loan size of £4 million. This product features a free valuation.
For landlords who would prefer a £2995 flat fee, rates are priced at 6.70%, with an ICR calculation rate to match, and the maximum loan set at £1 million. This product includes a free valuation and incurs no application fees.
The mortgages are available to portfolio landlords – those with four or more buy-to-let mortgaged properties – in England, Scotland and Wales, operating through limited companies or as individuals.
Louisa Sedgwick (pictured), commercial director at Paragon Bank, said: “With swap rates falling recently, helped by better-than-expected inflation figures, we were keen to pass on these lower rates to customers as quickly as possible.
“These products are extremely competitive in the current market and being limited-edition means they may not be around for long, when they’re gone, they’re gone, as they say!
“With fixed and percentage fee options available, as well as maximum loan sizes up to £4 million, we’re offering choice that we think will appeal to a range of portfolio landlords.”
