Paragon has launched two buy-to-let remortgage products.

The lender says the first is suited to portfolio landlords looking to remortgage at up to 75 per cent loan-to-value on single self-contained properties.  It carries a rate of 3.45 per cent is fixed for five years, with an annual percentage rate of charge of 4.20 per cent and a product fee of 1.50 per cent.

The second product also offered at 75 per cent LTV, is available on houses in multiple occupation and multi-unit blocks at a rate of 3.65 per cent fixed for five years. The product fee is set at 2.00 per cent and the APRC is 4.30 per cent.

Both products come with £500 cashback and a free mortgage valuation and are available to landlords remortgaging in their personal names or through their limited company.

The products also carry early redemption charges of 5 per cent during years one and two, charged at 4 per cent for years three and four and 3 per cent for year five.

Paragon expects the proportion of BTL remortgage business to grow this year as BTL mortgage brokers switch their attention to the remortgage of five-year after the stamp duty holiday ends at the end of March.

It adds, the number of five-year fixed rate BTL mortgages increased “significantly” in the run-up to the introduction of the BTL stamp duty surcharge in April 2016.

Paragon director of mortgage sales Moray Hulme says that “a significant number of brokers will be looking to support landlords who are in the process of remortgaging now that those five-year mortgages are reaching maturity. The launch of our two remortgage products is a timely and useful addition to our range for brokers who are targeting this business”.