Paragon Bank has brought out a new set of five-year fixed rate buy-to-let (BTL) products.

The new mortgages feature an interest cover ratio (ICR) that has been reduced from 7% to 5.75%.

Available at up to 70% LTV, the fixes start at 5.69% and charge a 2% product fee.

They have been designed for portfolio landlords looking to buy or remortgage and whose portfolios includes houses in multiple occupation, multi-unit blocks, and single self-contained properties.

Paragon director of mortgage sales Moray Hulme says: “With a level of stability returning to the market we’re pleased to be able to offer a five-year fixed rate product that features a market-leading initial rate.

“We feel this will really appeal to those landlords who seek the certainty provided by fixed rates and should sit well alongside our discounted variable products, giving investors some choice.”