Paragon Bank has lowered rates on its switch and further advance products by up to 46 basis points (bps).

The bank’s two-year fixed rate switch products start at 4.59% with a 3.00% fee, rising to 6.09% with nil fee.

Five-year fixed rate switch products are also available with rates starting at 5.39% when subject to a 3.00% fee, increasing to 5.99% with nil fee.

James Harrison (pictured), Paragon Bank’s mortgages product manager, said: “The high level of switching that we’ve seen over the past few years is set to continue this year as lots of mortgages are due to mature.

“Taking advantage of the particularly low rates on offer during the pandemic, a large number of landlords committed to five-year fixes so these mortgages are almost certainly maturing in a higher rate environment.

“Conversely, those who opted for shorter two-year terms when rates were much higher in 2023 will likely be pleased to see products are now comparatively cheaper. Reducing our switch products across two and five-year terms will provide more options for landlords.

“We often see landlords borrow extra funds when they refinance so we’re also offering some competitive further advance products which will appeal to those looking to expand their portfolios or invest in improving the properties they already own.”