Paragon Bank has launched a new five-year fixed rate for larger buy-to-let loans.

The new 75% loan to value (LTV) product has an interest rate of 3.50% and includes a free mortgage valuation.

In addition, it has a fixed product fee of £3,500 and a £299 application fee.

The lender says the product is available on single self-contained (SSC) properties with loans between £350,000 and £1m.

Moray Hulme (pictured), Paragon’s director of mortgage sales, said: “This new product complements our existing range and provides landlords with more choice in the higher loan space.

“We’re launching this new product in response to the market. Through listening to introducers, we know that offering a flat fee on a higher maximum loan is competitive and presents good value for borrowers.

“We know that there is currently strong demand for properties across the pricing spectrum so this product will be a superb option for landlords who are expanding their portfolios through higher value purchases.”