Fixed-rate mortgages are available at up to 75% LTV over two- and five-year terms
Specialist lender Paragon Bank has added new limited edition fixed rate mortgage products to its range of buy-to-let mortgages, available for single self-contained properties, houses in multiple occupation (HMOs), and multi-unit blocks (MUBs).
The lender has launched a couple of two-year fixes, available at up to 70% loan-to-value (LTV) for non-portfolio landlords with fewer than four buy-to-let mortgaged properties.
Rates on Paragon’s green mortgage product, available to purchase or remortgage properties with energy performance certificate ratings of ‘A’ to ‘C’, start at 4.85%, with interest coverage ratio (ICR) calculated at 6.85% and a 5% fee.
A new limited edition five-year fix has also been added to the specialist buy-to-let lender’s non-portfolio range. The product is available at up to 75% LTV with interest and ICR calculation rates starting at 6.05% on the green mortgage, increasing by five basis points for purchasing or remortgaging properties with EPC ratings of ‘D’ or ‘E’.
Paragon has also added products to its range of buy-to-let mortgages for portfolio landlords, all offered at up to 75% LTV with a 3% fee.
Those purchasing or remortgaging single self-contained properties can get rates from 5.94%, with ICR set at 7.94% when borrowed over two years. Initial and ICR rates are both set at 6.05% on the five-year fixed rate product.
Initial rates for HMOs and MUBs start at 6.19% with an 8.19% ICR rate when fixed over two years. The equivalent five-year product has an initial and ICR rate of 6.30%.
All products include free valuations and are available to landlords applying as individuals or within limited company structures in England, Scotland, and Wales.
“We are constantly reviewing our range in light of the changing economic environment, and with data to suggest that this is improving, we’re able to bring some new excitingly priced products to the market,” Louisa Sedgwick (pictured), commercial director at Paragon Bank, stated in an article announcing the launch of the new products.
“The latest additions to our range of buy-to-let mortgages see us improve the choice we’re offering landlords, with a range of different rates, fees, and terms for both experienced portfolio landlords as well as those with less than four buy-to-let properties.”
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