Paragon Bank has launched 2-year fixed-rate buy-to-let (BTL) mortgages, with rates starting at 3.45% for properties rated energy performance certificate (EPC) A to C and a 4.00% product fee.
The bank removed the application fee for single self-contained properties, with finance available up to 70% loan-to-value (LTV) for purchases or remortgages.
Interest coverage ratios have been set at 5.5%.
For houses in multiple occupation (HMO) and multi-unit blocks, Paragon is offering a similar product at a rate of 3.80%, stressed at 5.80%.
Customers get £500 cashback on completion and free mortgage valuations.
James Harrison (pictured), mortgages product manager at Paragon Bank, said: “With the economy settling a little following recent disruption, swap rates have gradually reduced, enabling us to lower rates for landlord customers.
“It’s fantastic to be able to offer some market-leading rates on two-year fixed deals, which brokers tell us are a popular option currently.
“Removing the application fee on our SSC products and offering cashback and free mortgage valuations also provides landlords with some attractive options.”
Harrison added: “This week we announced a streamlined process for landlords with up to 15 properties, made possible by the launch of our bespoke mortgage application platform, requesting fewer supporting documents and speeding up application time.
“It’s a significant change and means a broader spectrum of brokers and landlords are able to benefit from these competitive products.”
