Paragon Bank has doubled the period in which buy-to-let customers can lock in a remortgage rate from three months to six months.

It says it will offer brokers a procuration fee of 0.30% for every product switch that they introduce to the lender.

The firm sells a range of two-year and five-year fixed-rate products aimed at those looking to switch to a new loan, with rates starting at 2.95%.

It adds that its products are available to non-portfolio landlords wishing to finance single self-contained units and for portfolio landlords – those with four or more mortgaged properties – borrowing on houses in multiple occupation, multi-unit blocks.

Loans are also available to customers operating as limited companies or limited liability partnerships.

Paragon Bank director for mortgage sales Moray Hulme says: “In 2017, changes to Prudential. Regulation Authority underwriting standards led to a significant increase in the number of BTL mortgages being written with rates fixed for five years.

“We’ve already seen how this has started to drive remortgage business and we foresee this as continuing throughout 2022.

“With the Bank of England recently raising the base rate by 0.25% to 0.50%, and further increases expected to come throughout the duration of the year, I expect there will be a number of borrowers who will be keen to switch to a new product sooner rather than later, locking in one of the competitive deals currently available.

“We’ve listened to the market and know that extending the window in which borrowers can switch to a new product by three months will be a welcome step, helping to provide landlords with some security amidst the current economic change.”