Paragon Bank has launched a range of limited edition 5-year fixed rate products for its range of buy-to-let mortgages, starting at 5.75%.
These mortgages, which include lower rates for properties with Energy Performance Certificate (EPC) ratings of A-C, are available at up to 75% loan-to-value (LTV) for a fixed five-year term.
Landlords borrowing up to £4m for the purchase or remortgage of single self-contained units (SSC) can avail of rates starting at 5.75%. These products include a 5% product fee and a free valuation.
Paragon is also offering a flat fee of £2995 for SSC properties, with rates starting from 6.45%. These mortgages have a maximum loan size of £1m and include a free valuation.
In addition to the SSC offers, Paragon has launched limited edition 5-year fixed rate products for landlords purchasing or remortgaging houses in multiple occupation (HMO) or multi-unit blocks (MUB). These mortgages start at 6.00%, featuring a 5% product fee, a maximum loan size of £4m, and a free valuation.
For landlords preferring a flat fee of £2995, rates start at 6.70%, with a maximum loan set at £1m. This product also includes a free valuation and no application fees.
Commercial director at Paragon Bank, Louisa Sedgwick (pictured), said: “With swap rates falling recently, helped by better-than-expected inflation figures, we were keen to pass on these lower rates to customers as quickly as possible.”
Sedgwick added: “These products are extremely competitive in the current market and being limited edition means they may not be around for long, when they’re gone, they’re gone, as they say! With fixed and percentage fee options available, as well as maximum loan sizes up to £4m, we’re offering choice that we think will appeal to a range of portfolio landlords.”
These mortgages are available to portfolio landlords in England, Scotland, and Wales, operating through limited companies or as individuals.
