Paragon Bank has added six new buy-to-let fixed rate mortgages to its range, with selected products featuring a reduced interest coverage ratio (ICR) rate calculation.
For portfolio landlords, Paragon has launched four new 5-year fixed rate mortgages with rates starting at 5.40%, and a reduced interest coverage ratio (ICR) calculation rate starting at 5.50%.
5-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 (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Moray Hulme (pictured), director for mortgage sales, said: “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.
“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.”
