Paragon Bank has cut rates on six five-year fixed-rate buy-to-let mortgages, with lower rates on 5% fee products, as well as nil fee options that are now offered at up to 75% loan-to-value, previously 65%.

Paragon Bank has taken 20 basis points (bps) off its nil-fee five-year fixed-rate products, with rates starting at 6.10% for single self-contained (SSC) properties with an Energy Performance Certificate ratings of A-C. This increases by 5bps for purchasing or remortgaging properties with EPC ratings of D or E and 20bps for houses in multiple occupation (HMO) and multi-unit blocks (MUB).

The products are offered at up to 75% loan-to-value (LTV), previously 65%, and interest coverage ratios (ICRs) are calculated to align with initial rates.

The specialist lender has also reduced its 5% fee five-year fixed options by 10bps, with rates starting at 5.15% on the green product, 5.20% on the standard SSC and 5.40% for borrowers purchasing or remortgaging HMOs or MUBs. The products are available at up to 75% LTV and ICRs are calculated at 5.50%.

The mortgages are available in England, Scotland and Wales and are suitable for portfolio landlords – those with four or more buy-to-let mortgaged properties – applying through limited company structures or in their personal name.

All products include a free valuation and are subject to a £299 application fee.

Louisa Sedgwick (pictured), commercial director at Paragon Bank, said: “We’re keen to see our customers benefit from the stability that we’ve seen return to the economy, so we’re pleased to reduce rates across some of our five-year fixed-rate products. With both nil and 5% fee options available, we are also in a position to provide landlords with more choice.

She added: “We’re also upping the LTV, from 65% to 75%, on our nil fee products to provide options that will work for more landlords.”