The products are available at up to 75% LTV, starting from 5.75%
Specialist lender Paragon Bank has introduced limited edition five-year buy-to-let fixed rate products.
The limited edition products, which include lower rates for properties with energy performance certificate (EPC) ratings of ‘A’ to ‘C’, are available at up to 75% loan-to-value (LTV).
For landlords borrowing up to £4 million for the purchase or remortgage of single self-contained units (SSC), rates start at 5.75%, with the interest cover ratio (ICR) set at pay rate. The products incur a 5% product fee and include a free valuation.
The lender is also offering mortgages for SSC properties with a flat fee of £2,995, with rates from 6.45%. The flat fee mortgages are available up to a maximum loan size of £1 million, have no application fee, and include a free valuation.
The specialist lender has also announced the launch of limited edition five-year fixes for landlords purchasing or remortgaging houses in multiple occupation (HMOs) or multi-unit blocks (MUBs).
Rates start at 6% with a 5% product fee, ICR calculated at 6%, and a maximum loan size of £4 million. It features a free valuation.
For landlords who would prefer a £2,995 flat fee, rates are priced at 6.70%, with an ICR calculation rate to match, and the maximum loan set at £1 million. The product includes a free valuation and incurs no application fees.
The mortgages are available to portfolio landlords – those with four or more buy-to-let mortgaged properties – in England, Scotland, and Wales, operating through limited companies or as individuals.
“With swap rates falling recently, helped by better-than-expected inflation figures, we were keen to pass on these lower rates to customers as quickly as possible,” stated Louisa Sedgwick (pictured), commercial director at Paragon Bank. “These products are extremely competitive in the current market and being limited edition means they may not be around for long.
“With fixed and percentage fee options available, as well as maximum loan sizes up to £4 million, we’re offering choice that we think will appeal to a range of portfolio landlords.”
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