Paragon Bank has cut rates on switch and further advance products by up to 0.46%.
The 2-year fixed rate switch products now start at 4.59% with a 3% fee, going up to 6.09% with no fee.
Meanwhile, the 5-year fixed rate switch products start at 5.39% with a 3% fee, rising to 5.99% with no fee.
James Harrison (pictured), product manager at Paragon Bank, said: “The high level of switching that we’ve seen over the past few years is set to continue this year as lots of mortgages are due to mature.
“Taking advantage of the particularly low rates on offer during the pandemic, a large number of landlords committed to five-year fixes so these mortgages are almost certainly maturing in a higher rate environment.”
Harrison added: “Conversely, those who opted for shorter two-year terms when rates were much higher in 2023 will likely be pleased to see products are now comparatively cheaper.
“Reducing our switch products across two and five-year terms will provide more options for landlords.
“We often see landlords borrow extra funds when they refinance so we’re also offering some competitive further advance products which will appeal to those looking to expand their portfolios or invest in improving the properties they already own.”
