Paragon Bank has launched new five-year fixed-rate buy-to-let mortgages with no product fees, rates starting at 5.80% and £750 cashback on selected products.
Available at up to 70% loan to value (LTV), rates start at 5.80% on Paragon’s green mortgage that is suitable for the purchase or remortgage of single self-contained (SSC) properties with EPC rating of A, B or C. This increases by 5bps on properties with lower EPC ratings.
For landlords purchasing or remortgaging Houses in Multiple Occupation (HMO) and Multi-Unit Blocks (MUB), rates start at 6.05%.
Interest coverage ratios (ICR) are calculated in line with initial rates.
All products are available to landlords applying through limited company structures or in personal name in England, Scotland and Wales.
Louisa Sedgwick, commercial director at Paragon Bank, said: “While we know that initial rates starting at 5.80% won’t work for all borrowers, charging no product fees can make the mortgages we’ve launched today really appealing for others, particularly those buying or remortgaging higher value properties. We’ve also introduced £750 cashback on selected products which could be used towards legal costs, for example.
“We are delighted to see swap rates continuing to fall this week, highlighting how an element of stability is returning to the mortgage market, enabling us to adjust our range making our products more attractive to landlords.”