Paragon offers new discounted variable rate products

Published on

Paragon has unveiled a new range of buy-to-let purchase and remortgage products for portfolio and non-portfolio landlords.

Rates are discounted for two and five years starting at 2.65% at 75% loan to value (LTV) for individuals, limited companies and limited liability partnerships.

All discounted products also feature a free valuation and no application fee.

Paragon’s portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies or limited liability partnerships and can be used to finance single self-contained units (SSCs), multi-unit blocks (MUBs) or houses in multiple occupation (HMOs).

For SSC units at 75% LTV, highlights from the discounted portfolio range include a two-year discounted variable rate mortgage at 2.65%, representing a 2.95% reduction from Paragon’s standard variable rate (SVR), with no application fee and a free valuation.

For HMOs at 75% LTV, the discounted portfolio range includes a two-year discounted variable rate mortgage at 2.80%, a 2.80% discount from SVR, also with no application fee and a free valuation.

There are two discounted products available to non-portfolio landlords, for SSC units at 75% LTV. These are a two-year discounted variable rate mortgage at 2.65%, discounted by 2.95% from SVR, and a five-year discounted variable rate mortgage discounted by 2.65% at 2.95%, both with no application fee and a free valuation.

John Heron, director of mortgages at Paragon, said: “Whilst there is an overwhelming preference in the market for fixed rate mortgages, we are introducing these discounted variable rate products now to make sure that our landlords have a strong variable rate option at a time of heightened economic and political uncertainty.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Nationwide under fire for denying binding vote on CEO’s £7m pay package

Nationwide Building Society is facing mounting criticism after refusing to offer members a binding...

TSB’s mortgages arm could survive Santander takeover as boss hints at brand’s future

TSB’s mortgage business may survive under its own name following Santander’s £2.9 billion acquisition...

The Rate Stuff: One year of Labour and the mortgage market

In the latest episode of The Rate Stuff, MPowered Mortgages’ flagship YouTube show, host...

Flipping falls to 12-year low as stamp duty hikes squeeze investor margins

The number of homes flipped across England and Wales has fallen to its lowest...

Mortgage and rental spending growth slows again as affordability pressures persist

Growth in consumer spending on rent and mortgages slowed for the fourth consecutive month...

Latest opinions

Broker proactivity can ease path back to prime

One of the lessons we’ve taken from the ever rising levels of interest in...

We need to look again at two-year swaps…

Over the last 12 months, we’ve seen three notable things happen in the swaps...

How product transfers can help landlords and brokers in a challenging market

In an ever-changing buy-to-let market, the task of managing a property portfolio becomes increasingly...

Finding the ‘yes’ on finance for trading businesses

Pressure on UK trading businesses continues to mount, driven by rising costs, tight cash...

Other news

Broker proactivity can ease path back to prime

One of the lessons we’ve taken from the ever rising levels of interest in...

Nationwide under fire for denying binding vote on CEO’s £7m pay package

Nationwide Building Society is facing mounting criticism after refusing to offer members a binding...

Self-employment: A career not a complication

There’s a persistent myth in the market that self-employed borrowers are a high-risk, hard-to-place...