Paragon Bank has launched its most competitively priced five-year fixed-rate buy-to-let mortgage in almost three years, offering limited-edition products starting from 4.29%.

The new range, which is available up to 65% loan-to-value, targets landlords purchasing or remortgaging single self-contained properties with an EPC rating of A to C. Properties rated EPC D or E, as well as houses in multiple occupation, are also eligible, with rates starting at 4.34% and 4.64% respectively.

Each product carries a 5% product fee, although Paragon is also offering nil-fee alternatives priced one percentage point higher than the equivalent fee-paying options. A £150 application fee applies across the range, alongside a 5% interest coverage ratio.

The lender’s decision to introduce these limited-edition products marks the first time since August 2022 that its five-year fixed rates have fallen to these levels. The mortgages are open to landlords operating either individually or through limited companies, with availability across England, Scotland and Wales.

James Harrison (pictured), mortgages product manager at Paragon Bank, said: “We’ve launched these limited-edition products to provide landlords with more choice and offer solutions that suit a broader spectrum of customers. Offered at a lower loan-to-value of 65%, these products will be particularly appealing to those that can put down a slightly larger deposit to benefit from lower rates.”

He added: “Our expertise means that we’re sometimes seen as an HMO or multi-unit block lender. While it is true that we do have lots of experience in this space and work with established landlords, we also support newer entrants to the market who may be growing their portfolios with more simple propositions, such as single self-contained properties.”