Paragon Bank has reduced rates on six of its 5-year fixed-rate buy-to-let mortgages, offering more competitive terms to landlords. The bank has decreased rates by up to 0.20% on products with both nil and 5% fees. These mortgages are now available at up to 75% loan-to-value (LTV), an increase from the previous 65%.
Rates for nil-fee products start at 6.10% for single self-contained (SSC) properties with Energy Performance Certificate (EPC) ratings of A-C. Rates for properties with EPC ratings of D or E are slightly higher, and there’s a further increase for houses in multiple occupation (HMO) and multi-unit blocks (MUB).
Additionally, the bank has lowered its 5% fee options by 0.10%, with rates beginning at 5.15% for green products, 5.20% for standard SSC properties, and 5.40% for HMOs or MUBs.
Louisa Sedgwick, commercial director at Paragon Bank, said: “We’re keen to see our customers benefit from the stability that we’ve seen return to the economy, so we’re pleased to reduce rates across some of our 5-year fixed-rate products.
“With both nil and 5% fee options available, we are also in a position to provide landlords with more choice.”
She added: “We’re also upping the LTV, from 65% to 75%, on our nil fee products to provide options that will work for more landlords.”
The mortgages, available in England, Scotland, and Wales, are suitable for portfolio landlords and include a free valuation. They are subject to a £299 application fee.
