Paragon Bank has introduced a limited-edition Discounted Standard Variable Rate (SVR) product to its range.
The buy-to-let lender says the product offers portfolio landlords the chance to ‘track to fix’.
The two-year product is available at up to 75% loan-to-value (LTV) and is priced at 4.73% which is Paragon’s SVR less 4.12%. It is available for single self-contained properties, houses in multiple occupation and multi-unit blocks.
The latest addition to the specialist lender’s range is offered with the ‘track to fix’ option. At any time during the discounted product term, a landlord can apply to switch to any available Paragon product switch fixed rate without incurring an early repayment charge.
Richard Rowntree (pictured), managing director for mortgages at Paragon Bank, said: “It’s fantastic to be able to add another product to our range that is available with our track to fix option.
“Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two and we know that many borrowers like the certainty of fixed-rate mortgages. With no ERCs for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty.”
The mortgage is available to borrowers operating through limited companies or as individuals. It is subject to a 3.00% product fee. In addition, the product includes free valuations and is available to portfolio landlords – those with four or more buy-to-let mortgaged properties – in England, Scotland and Wales.
Rowntree added: “Alongside this limited-edition variable rate product, our core range includes fixed rate mortgages and products with varying fee levels, providing a range of solutions for brokers and their clients.”
