Paragon Bank has bolstered its range of 5-year fixed-rate buy-to-let (BTL) mortgages, with new 3% fee options and £750 cashback added to all 5-year purchase and remortgage fixed-rate products.
The addition of 3% fee products to Paragon’s range of 5-year fixes means that the bank now offers 3%, 5% and nil fee options at up to 75% loan-to-value (LTV), expanding choice for landlords.
Rates for the 3% fee product start at 5.14% for properties with Energy Performance Certificate (EPC) ratings of A to C, rising to 5.39% for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
Interest coverage ratios (ICRs) are be calculated at the product rate and the products are available for individual and limited company applications in England, Scotland and Wales.
The products also include a free mortgage valuation.
James Harrison (pictured), mortgages product manager at Paragon Bank, said: “After listening to brokers, we’ve introduced £750 cashback to our purchase and remortgage 5-year fixes, helping to offset application or legal fees.
“We’re also responding to changes in the market – as interest rates have started to reduce, products with lower fees have become more popular.
“Therefore, we’ve added a 3% product fee option to complement our nil fee and 5% fee 5-year fixed-rate range.”
