It launches new two-year variable and three-year fixed rate mortgages
Paragon Bank has expanded its range of buy-to-let mortgages with the addition of a couple of new two-year discounted variable rate products and two three-year fixed rate products.
The products are available for portfolio landlords – those with four or more mortgaged properties – purchasing or remortgaging houses in multiple occupation (HMO), multi-unit blocks (MUB), and single self-contained (SSC) properties.
The two-year discounted variable rates start from 2.99%, while the three-year fixes start from 4.69% and come with £500 cashback. The products are available at 75% loan-to-value and are offered with free mortgage valuations.
Read more: Paragon Bank reports 19.5% increase in buy-to-let lending.
“After analysing the market, we have introduced some new buy-to-let products that offer landlords more choice,” Moray Hulme (pictured), director for mortgage sales at Paragon Bank, related.
“We’ve added two-year variable rate products to our range to provide finance that has a headline rate significantly cheaper than many of the two-year fixed rate products currently available, enabling investors to respond to the strong demand for rented homes we’re seeing currently.
“In addition, with rates expected to fall beyond the anticipated peak in two years, we’re able to offer competitively priced mortgages that are fixed for three years, providing landlords with certainty.”
The variable rate products have an APRC of 5.90% and ERC are 3% over the term. The fixed-rate mortgages are subject to an APRC of 5.20% and ERC are 3% in years one and two and 2% in year three. All products are subject to an application fee of £299.
