The new products are available at up to 65% LTV with rates from 5.35%
Specialist lender Paragon Bank has introduced three limited edition five-year fixed-rate buy-to-let mortgages, with rates starting at 5.35%.
Landlords purchasing single self-contained properties with energy performance certificate (EPC) ratings of ‘A’ to ‘C’ can secure finance at up to 65% loan-to-value (LTV) with interest fixed at 5.35% for five years, while those buying homes with lower energy EPC ratings of ‘D’ or ‘E’ can borrow at a higher rate of 5.40%. Interest coverage ratios (ICR) are calculated at 5.50% on both products.
The lender is also offering a 65% LTV, five-year fixed rate option for houses in multiple occupation (HMO) and multi-unit blocks (MUB) at 5.60%. The ICR rate for these products is also set at 5.60%.
The limited edition buy-to-let mortgage products come with a 5% fee and are available for portfolio landlords – those with four or more mortgaged buy-to-let properties – applying as individuals or within limited company structures in England, Scotland, and Wales.
Earlier this month, Paragon made rate reductions on its limited edition, five-year fixed rate, 5% fee, buy-to-let mortgages.
“We know that portfolio landlords remain active in the market, with many having built up good levels of equity across their portfolios,” said Louisa Sedgwick (pictured), commercial director at Paragon Bank.
“We’ve launched these limited edition five-year fixed rate mortgages, available at up to 65% LTV, to provide these landlords with competitively priced options. These complement the two-year fixed-rate mortgages we recently brought to the market, offering landlords the certainty of fixed interest rates over two popular terms.”
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