Paragon Bank has announced the launch of a limited edition discounted standard variable rate (SVR) product. This new offering adds to their current suite of buy-to-let mortgages, providing portfolio landlords with a unique ‘track to fix’ option.
The 2-year term product is accessible at up to 75% loan-to-value (LTV) and is priced at 4.73%, which is a reduction of 4.12% from Paragon’s SVR. It caters to a variety of properties, including single self-contained units, houses in multiple occupation, and multi-unit blocks.
A distinguishing feature of this new addition to Paragon’s offerings is the ‘track to fix’ option. This feature allows landlords to switch to any available Paragon product switch fixed rate at any time during the discounted product term, without the burden of an early repayment charge.
Richard Rowntree (pictured), managing director for mortgages at Paragon Bank, said: “It’s fantastic to be able to add another product to our range that is available with our track to fix option.
“Brokers have informed us that an increasing number of their clients wish to observe what happens to rates over the next year or two, and we know that many borrowers appreciate the certainty of fixed-rate mortgages. With no early repayment charges for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty.”
The mortgage is available to borrowers operating as individuals or through limited companies and is subject to a 3.00% product fee. In addition to free valuations, the product is open to portfolio landlords – those with four or more buy-to-let mortgaged properties – in England, Scotland, and Wales.
Rowntree concluded: “Alongside this limited-edition variable rate product, our core range includes fixed-rate mortgages and products with varying fee levels, providing a range of solutions for brokers and their clients.”
