Paragon has launched a one-year buy-to-let discounted SVR product, aimed at supporting new and existing landlord customers through the coronavirus crisis.
The 12-month product is available for new business, product transfers and further advances and comes with a 1% discount off Paragon’s SVR for 12 months.
Paragon has passed on the Bank of England’s full 65bps Base Rate reduction and its SVR currently stands at 4.95%, meaning the product starts at 3.95%.
For product transfer and further advance customers, the product is available for up to 80% and 75% loan-to-value respectively, has no application, valuation or transfer fee and has no early redemption charge.
New applications also come with no product or valuation fee and have an early redemption charge of 1%.
Moray Hulme (pictured), Paragon director of mortgage sales, said: “This product is designed for landlords who want some certainty whilst they wait to see how the next few months materialise and may not want to lock into a longer-term fixed-rate in the current period.”
The Discounted SVR product is available for portfolio landlords (Single Self-Contained properties and Houses in Multiple Occupation) and non-portfolio customers (Single Self-Contained properties only).