Paragon Bank has announced a widespread rate reduction across 22 of its buy-to-let (BTL) mortgage products, with 2-year fixed rates now starting at 4.59%.
The adjustment is part of a broader product refresh aimed at both portfolio and non-portfolio landlords, covering a variety of loan-to-value (LTV) bands.
One of the highlights of this revision is a 26 basis points cut on Paragon’s 70% LTV 2-year fixed rate product.
The newly priced 4.59% rate is specifically targeted at portfolio landlords seeking to purchase or remortgage single self-contained (SSC) properties with Energy Performance Certificate (EPC) ratings between A and C.
For properties with EPC ratings of D or E, rates rise slightly to 4.64%, while Houses in Multiple Occupation (HMOs) and Multi-Unit Blocks (MUBs) will have rates of 4.84%.
These rate reductions come with a 5% product fee for 2-year fixes, and interest coverage ratios (ICR) are determined at two percentage points above the initial rate.
All mortgage products in this refresh include a free valuation and are available to landlords applying either individually or through limited company structures, across England, Scotland, and Wales.
Louisa Sedgwick (pictured), commercial director at Paragon Bank, said: “In this market, landlords want options, so we are pleased to offer these competitive rates with a mix of terms, LTVs and fees.
“With a range of different indicators suggesting that the UK economic outlook is strengthening, the stabilisation of swap rates has continued and, as a result, we’ve been able to again reduce rates on some of our key products.
“The most exciting of these is our 70% LTV 2-year fix with a rate of 4.59%, making it the best-priced product in the market for limited company buy-to-let.”
