The new product comes with a 'track to fix' option
Specialist buy-to-let lender Paragon Bank has expanded its range by adding a limited-edition discounted standard variable rate (SVR) product, offering portfolio landlords the chance to ‘track to fix’.
The two-year product is available at up to 75% loan-to-value (LTV) and is priced at 4.73%, which is Paragon’s SVR less 4.12%. It is available for single self-contained properties, houses in multiple occupation, and multi-unit blocks.
The latest addition to the lender’s range is offered with the ‘track to fix’ option. This means that at any time during the discounted product term, a landlord can apply to switch to any available Paragon product switch fixed rate without incurring an early repayment charge (ERC).
The mortgage is available to borrowers operating through limited companies or as individuals, and to portfolio landlords – those with four or more buy-to-let mortgaged properties – in England, Scotland, and Wales. It is subject to a 3% product fee and includes free valuations.
Paragon recently launched limited edition buy-to-let mortgages, including five-year fixed rate deals with zero or flat fees and discounted SVRs.
“It’s fantastic to be able to add another product to our range that is available with our track to fix option,” said Richard Rowntree (pictured), managing director for mortgages at Paragon Bank.
“Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two, and we know that many borrowers like the certainty of fixed-rate mortgages. With no ERCs for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty.
Rowntree added that alongside the new limited edition variable rate product, Paragon’s core range includes fixed rate mortgages and products with varying fee levels.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
