Paragon Mortgages has launched a new five year fixed rate product aimed at large-scale landlords.

The new five year fixed rate has a 5.49% initial rate, 2% product fee and a maximum LTV of 75%.

The product is available for single unit properties and HMOs and multi-unit blocks.

This specialist buy-to-let lender’s product range also includes a selection of lifetime trackers with rates starting at 4.50%.

John Heron, managing director of Paragon Mortgages, said: “The buy-to-let market has been saturated with short-term fixes for the past two years. Whilst there are obvious benefits of two year and three year fixes, these can work out rather costly for landlords in the long-term.

“This new five year fix is part of an on-going programme of product development the aim of which is to widen the choices available to landlords and provide them an opportunity to get off the two year treadmill.”