Paragon Bank has revised its range of five-year fixed-rate buy-to-let mortgages with new 3% fee options and £750 cashback added to all five-year purchase and remortgage fixed-rate products.
The addition of 3% fee products to Paragon’s range of five-year fixes means that the bank now offers 3%, 5% and nil fee options at up to 75% loan to value (LTV).
Rates for the 3% fee product start at 5.14% for properties with EPC ratings of A-C, rising to 5.39% for Houses in Multiple Occupation and Multi-Unit Blocks. Interest Coverage Ratios (ICRs) are calculated at the product rate.
The products are available for individual and limited company applications in England, Scotland and Wales and include a free mortgage valuation.
James Harrison, mortgages product manager at Paragon Bank, said: “After listening to brokers, we’ve introduced £750 cashback to our purchase and remortgage five-year fixes, helping to offset application or legal fees.
“We’re also responding to changes in the market – as interest rates have started to reduce, products with lower fees have become more popular. Therefore, we’ve added a 3% product fee option to complement our nil fee and 5% fee five-year fixed-rate range.”
