The new 5-year fixed rate has a 5.49% initial rate, 2% product fee and a maximum LTV of 75%. The product is available for single unit properties and HMOs and multi-unit blocks.
This new 5-year fix sits within the existing Paragon Mortgages product range which also includes a selection of lifetime trackers with rates starting at 4.50%.
John Heron, managing director of Paragon Mortgages, said: “The buy-to-let market has been saturated with short-term fixes for the past two years.
“Whilst there are obvious benefits of 2-year and 3-year fixes, these can work out rather costly for landlords in the long-term.
“This new 5-year fix is part of an on-going programme of product development the aim of which is to widen the choices available to landlords and provide them an opportunity to get off the two year treadmill.”
