New deals include five-year fixes with nil or flat fees and discounted SVRs
Specialist lender Paragon Bank has introduced a range of limited edition buy-to-let mortgages, including five-year fixed rate deals with zero or flat fees and discounted standard variable rates (SVRs).
Nil fee five-year fixed rates are available for those purchasing or remortgaging single self-contained (SSC) properties, with rates starting at 6.35%, or houses in multiple occupation (HMOs) at 6.60%.
Landlords can also choose a five-year fixed rate with a flat fee of £2,995, with rates starting at 6.05% for SSCs, or 6.30% for HMOs.
The five-year fixed-rate deals are available at 65% loan-to-value (LTV) on loans up to £500,000.
The lender has also launched three 12-month discounted SVR rates, which start at 5.50% for SSCs and 5.75% for HMOs, and come with a 1.50% fee.
All products include free valuations, no application fees, and are available to portfolio landlords in England, Scotland, and Wales.
In February, Paragon launched four limited edition fixed rate BTLs, and added four more a month later.
“We’re delighted to launch a range of limited-edition products that we feel provide something a little different to those offered by many of our competitors,” Louisa Sedgwick (pictured), commercial director at Paragon Bank, stated in an article announcing the launch of the limited edition products.
“We’ve listened to brokers who have told us that nil and fixed fee options should appeal to landlords wanting higher loan amounts, up to £500,000, alongside the certainty of fixing rates for five years. In addition, we have 12-month discounted variable rate products that provide competitively priced options for those who want to remain active in the market without committing to a longer term.”
Sedgwick said the new deals complement Paragon’s core range, which includes a mix of lower rates and different fees, in addition to options like track to fix product.
“Having the ability to secure a new discounted variable rate and then switch to a Paragon fix at any time during the term offers a mix of flexibility and certainty that may be particularly appealing given the fluidity of the current market,” she added.
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