Paragon Bank has refreshed its buy-to-let product ranges, reducing rates across 20 products.
New deals include the following:
- 70% LTV, two-year fixed rate reduced from 2.95% to 2.85% (EPC A-C, portfolio landlords)
- 75% LTV, two-year fixed rate reduced from 3.05% to 3.00% (EPC A-C, non-portfolio landlords)
- 75% LTV, five-year fixed rate reduced from 3.20% to 3.13% (portfolio landlords)
With rates starting at 2.85%, the specialist lender is offering a selection of two and five-year fixed rate buy-to-let mortgages. The products are available between 60% and 80% loan-to-value (LTV) on both purchases and remortgages.
Portfolio landlords – those with four or more mortgaged properties – are offered finance for single self-contained properties (SSC), starting at 60% LTV, houses in multiple occupation (HMOs) and multi-unit blocks (MUB). The mortgages are available for individual landlords as well as those operating as limited companies or limited liability partnerships.
The non-portfolio range is available to consumer buy-to-let customers on single self-contained properties (SSC), including holiday lets.
Zero product and application fees as well as free mortgage valuations are offered on selected products. All five-year products include an interest coverage ratio (ICR) starting at 4.00% and are subject to Early Repayment Charges (ERC) of 5% in years one and two, 4% during years three and four and 3% for year five.
Moray Hulme (pictured), director for mortgage sales at Paragon Bank, said: “The high levels of demand for rented homes seen throughout last year looks set to continue into 2022 so landlords will be looking to respond and make an active start to the year. We’ve refreshed our buy-to-let product ranges, offering lots of different options for both portfolio and non-portfolio landlords who are modifying their portfolios, and reducing rates across the range.
“To help to incentivise bringing more energy efficient properties into the private rented sector we’re also offering preferential rates on properties with Energy Performance Certificates rated A-C.”
