It launches new limited edition fixed rates
Specialist lender Paragon Bank has added four limited edition fixed rate products to its range of buy-to-let mortgages, including a couple of two-year and five-year products, all available at up to 75% loan-to-value (LTV).
Rates on the two-year products start at 4.80% when purchasing or remortgaging homes with energy performance certificate (EPC) ratings of ‘A’ to ‘C’, rising to 4.85% on properties rated EPC ‘D’ or ‘E’. Interest coverage ratio (ICR) calculation rates are 6.80% and 6.85% respectively.
Five-year products start at 5% on properties rated EPC ‘A’ to ‘C’ and increase to 5.05% when financing properties with lower energy efficiency scores of ‘D’ and ‘E’. The ICR is calculated at 5.50% on both five-year products.
All products are offered with free valuations and £350 cashback, incur a product fee of 3%, and are available to portfolio landlords with four or more mortgaged buy-to-let properties in England, Scotland, and Wales.
The four products are available when purchasing or remortgaging houses in multiple occupation, multi-unit blocks, and single self-contained properties.
The full details, including early repayment charges, reversion rates, and annual percentage rate of charge, are in the product guides available on the Paragon Bank website.
“Since we refreshed our product range at the start of the year, we’ve seen a positive response from the market,” Moray Hulme (pictured), director for mortgage sales at Paragon Bank, said. “This, along with conversations with brokers and landlords, reinforces our belief that alongside plenty of remortgage business, professional landlords want to continue investing in response to strong demand for rented homes despite a challenging economic environment.
“With the Bank of England increasing the base rate last week, we are confident that these products will provide additional options for landlords seeking some certainty.”
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