Paragon Bank has reduced rates by 15 basis points across its fixed-rate buy-to-let (BTL) products in both its core and tailored propositions, with pricing now starting from 3.40%.
The reductions apply to two- and five-year fixed-rate mortgages for purchasing or remortgaging single self-contained properties, houses in multiple occupation (HMO) and multi-unit blocks (MUBs).
The products are available through the lender’s core range, with selected options also offered through its tailored proposition.
At 75% loan-to-value (LTV), two-year fixed rates start from 3.40% on Paragon’s green mortgage range for single self-contained properties with EPC ratings of A to C.
Equivalent products for properties with EPC ratings of D or E start from 3.45%. Both options carry a 5% product fee and include £500 cashback.
For landlords financing HMOs or MUBs, two-year fixed rates at 75% LTV begin at 3.55%, also with a 5% product fee and £500 cashback.
Alternative products are available with 3% or nil product fees, with rates starting from 4.55% and 6.05% respectively.
Five-year fixed rates at 75% LTV start from 4.80% on Green Mortgage products, with equivalent products for properties rated EPC D or E available from 4.85%. These products carry a 5% fee and include £1,000 cashback.
Five-year fixed rates for HMOs and MUBs start from 4.95%, also with a 5% fee and £1,000 cashback.
The wider range includes nil-fee, percentage-fee and fixed-fee options across products at 60%, 70%, 75% and 80% LTV.
All products include a free mortgage valuation. There is no application fee on mortgages for single self-contained properties, while products for HMOs and multi-unit blocks carry a £299 application fee.
Products available through Paragon’s Tailored proposition have also been reduced.
At 75% LTV, tailored two-year fixed rates start from 5.15% for green mortgage-eligible single self-contained properties and 5.30% for HMOs and MUBs.
Five-year fixed rates begin at 5.55% and 5.70% respectively, with the five-year products including £1,000 cashback.
Paragon Bank mortgages product manager James Harrison says: “These reductions provide landlords with lower pricing across a broad selection of two-year and five-year fixed products, covering both standard and more specialist property types.”
Elsewhere, Principality Intermediaries has made rate cuts of up to 0.20% on its product transfer range.
Residential prices on two-year fixes at 65% LTV products have been cut by 0.20%, while three-year fixes at 65% LTV have been trimmed by 0.15% and two-, three- and five-year fixes at 75% and 85% LTV will also be cut by 0.15%.
BTL rates within the product transfer range will also be lowered. Two-year fixes at 60% LTV will go down by 0.15% and two- and five-year fixes at 75% LTV will be cut by 0.15%.
Also, holiday let rates on two- and five-year fixes at 60% LTV products will be decreased by 0.15% and two-year fixes at 75% LTV will be cut by 0.15%.
Meanwhile, HSBC has also announced rate reductions across its first-time buyer, purchase and remortgage ranges.
First-time buyer products have been lowered by as much as 0.08% with the two-year at 95% LTV with no fee, which is now at 5.33% and has £750 cashback increasing to £1,250 for energy efficient homes.
Five-year rates in the first-time buyer range have also been cut by 0.04%, including the five-year at 60% LTV with a fee of £999, which now sits at 4.53% and the equivalent with no fee at 4.64%.
The purchase two-year at 95% LTV with no fee is down by 0.04% to 5.30%, while the five-year at 75% LTV with a fee of £999 is down by 0.06% to 4.67%.
Remortgage rates have also been trimmed. The two-year at 90% LTV has is down by 0.05% to 5.34% and the two-year at 60% LTV with a fee of £999 is down by 0.09% to 4.55%.
In addition, the two-year at 60% LTV with no fee is now 4.83%, down by 0.11% and the five-year at 75% LTV with no fee is now 4.88%, down by 0.07%.
