It also reduces ICR calculation rate on selected products
Paragon Bank has launched new buy-to-let fixed rate mortgages, with selected products featuring a reduced interest coverage ratio (ICR) calculation rate.
For portfolio landlords, Paragon has four new five-year fixed rate mortgages with rates starting at 5.40%, and a reduced ICR calculation rate starting at 5.50%.
Five-year fixed rate mortgages, with initial rates starting at 5.40%, are available at up to 75% LTV to non-portfolio landlords, those with between one and three mortgaged buy-to-let properties. The ICR is also set at 5.50% on this loan.
All products include free mortgage valuations and are available on houses in multiple occupation, multi-unit blocks, and single self-contained properties.
More details, including ERCs, reversion rates, APRCs, and product fees are available on the Paragon Bank website.
“We’re really pleased to be able to expand our product range and offer more choice to buy-to-let investors with both small and large portfolios,” Moray Hulme (pictured), director for mortgage sales at Paragon Bank, said.
“Some will find the certainty of our competitively priced fixed rates appealing, especially as the ICR – which we’ve further reduced – should help to make the sums work for more borrowers.”
