The offering is a 75% LTV 5-year fix at 3.5%, and it includes free valuations.

The deal requires a fixed product fee of £3,500 and £299 application fee.

According to the specialist buy-to-let mortgage lender, the product is available on single self-contained properties with loans between £350,000 and £1m.

Moray Hulme, director of mortgage sales at Paragon Bank, said: “This new product complements our existing range and provides landlords with more choice in the higher loan space.

“We’re launching this new product in response to the market.

“Through listening to introducers, we know that offering a flat fee on a higher maximum loan is competitive and presents good value for borrowers.

“We know that there is currently strong demand for properties across the pricing spectrum so this product will be a superb option for landlords who are expanding their portfolios through higher value purchases.”