Paragon Bank and Landbay unveil new deals; West One announces rate cuts
The UK buy-to-let mortgage market has become a little bit more competitive, with specialist lenders Paragon Bank, Landbay, and West One Loans unveiling new products and rate reductions.
Paragon Bank introduced a limited edition range of five-year fixed rate mortgages for properties with up to 65% loan-to-value (LTV). Rates start at 4.74% for single self-contained (SSC) properties rated EPC ‘A’ to ‘C’, with options available for properties with lower energy efficiency ratings.
Products also cater to houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), with rates for these starting at 5.19%. Borrowers can choose between fee options of 5%, 3%, or no fees, with rates adjusting accordingly. These products are open to both individual landlords and limited companies across England, Scotland, and Wales.
“Offered at a lower loan-to-value of 65%, these limited edition buy-to-let products will be particularly appealing to those that can put down a slightly larger deposit to benefit from lower rates,” said James Harrison (pictured left), product manager at Paragon Bank – recently named the Buy-to-let Lender of the Year by Mortgage Introducer.
Another BTL lender, Landbay, has expanded its offerings with eight new limited edition remortgage products. The range includes five-year fixed rate deals available at up to 70% and 75% LTV, with rates starting at 4.69%.
The lender also extended its AVM-supported range, adding remortgage options with rates beginning at 4.69% for up to 65% LTV. The additions follow recent rate cuts by Landbay, including reductions of up to 0.15% across its standard five-year and small HMO/MUFB ranges.
We're celebrating the start of December with our new Limited Edition Remortgage range for standard properties featuring a 5-year fixed rate and AVM options with rates starting from 4.69%. 🏘️
— LANDBAY (@LandbayUK) December 2, 2024
Fullproduct range here ➡️ https://t.co/y8XvWPxZpd#Buytolet #Productrange pic.twitter.com/ddh6gykFur
“It’s great to be able to hit the market with a set of competitive limited edition products, taking advantage of our AVM technology to help deliver greater efficiencies and cost savings for those landlords looking to remortgage,” said Rob Stanton (pictured centre), sales and distribution director at Landbay. “This is following further rate reductions as we capitalise on opportunities to make our range as competitive as possible for brokers and their clients.”
Menawhile, West One Loans announced rate reductions in its buy-to-let range, marking its second round of cuts in a month. The specialist lender trimmed rates on its core two- and five-year fixed products by 15 basis points (bps), with rates now starting at 2.49% and 4.44%, respectively. Limited edition two-year fixed rate products were reduced by up to 11bps, with five-year options now starting at 4.23%.
“We’re delighted to be able to significantly reduce our buy-to-let rates for the second time in a month, and in doing, pass on meaningful savings to landlords in what is an uncertain economic environment,” said Andrew Ferguson (pictured right), managing director of buy-to-let at West One Loans.
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