Rates start at 5.80%
Specialist lender Paragon Bank has introduced new five-year fixed rate buy-to-let mortgages, featuring no product fees and a £750 cashback offer on selected products.
The products, available at up to 70% loan-to-value (LTV), come with a starting rate of 5.80% for Paragon’s green mortgage, designed for the purchase or remortgage of single self-contained properties with energy performance certificate (EPC) ratings of ‘A’ to ‘C’, with the rate increasing by five basis points for properties with lower EPC ratings.
Landlords purchasing or remortgaging houses in multiple occupation and multi-unit blocks can get rates starting at 6.05%.
All products are open to landlords applying through limited company structures or in their personal name across England, Scotland, and Wales.
“While we know that initial rates starting at 5.80% won’t work for all borrowers, charging no product fees can make the mortgages we’ve launched today really appealing for others, particularly those buying or remortgaging higher value properties,” said Louisa Sedgwick (pictured), commercial director at Paragon Bank. “We’ve also introduced £750 cashback on selected products which could be used towards legal costs, for example.
“We are delighted to see swap rates continuing to fall this week, highlighting how an element of stability is returning to the mortgage market, enabling us to adjust our range, making our products more attractive to landlords.”
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