Lender makes 22 portfolio and non-portfolio products more affordable, with two-year fixed rate now starting at 4.59%
Specialist lender Paragon Bank has announced buy-to-let rate reductions across a range of loan-to-value (LTV) bands for both portfolio and non-portfolio landlords.
The lender has slashed the rates of 22 buy-to-let mortgage products, with fixed deals now starting at 4.59%.
The latest rate cuts include a 26-basis-point reduction on Paragon’s 70% LTV two-year fixed rate product, now priced at 4.59%. The rate is available to portfolio landlords for the purchase or remortgage of single self-contained homes with energy performance certificate ratings (EPC) of ‘A’ to ‘C’. Rates increase to 4.64% on properties with EPC ‘D’ or ‘E’ ratings, and 4.84% on houses in multiple occupation and multi-unit blocks.
The product fee on the two-year fixes is set at 5% and interest coverage ratios are calculated at two percentage points above initial rates.
All products include free valuation and are available to landlords applying as individuals or within limited company structures in England, Scotland, and Wales.
“In this market, landlords want options, so we are pleased to offer these competitive rates with a mix of terms, LTVs and fees,” Louisa Sedgwick (pictured), commercial director at Paragon Bank, stated in a post announcing the rate cuts.
“With a range of different indicators suggesting that the UK economic outlook is strengthening, the stabilisation of swap rates has continued and, as a result, we’ve been able to again reduce rates on some of our key products. The most exciting of these is our 70% LTV two-year fix with a rate of 4.59%, making it the best-priced product in the market for limited company buy-to-let.”
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