Paragon Bank has refreshed its mortgage range and introduced a new ‘track to fix’ feature.

The feature enables buy-to-let landlords to select a new discounted variable rate mortgage, which can be switched to an available fixed rate switch product with the lender at any given time during the term. The switch incurs no early repayment charges.

Paragon has also introduced two new two-year fixes for portfolio landlords with four or more BTL properties. Initial rates start at 4.95%. Discounts on variable rate mortgages have also been revised, with increased discounts on 12 month, two- and three-year SVR products.

The lender has also added new further advance products with both fixed and discounted variable rate options available. Selected products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.

Paragon director for mortgage sales Moray Hulme says: “We’re delighted to share our refreshed product range with the market, and are particularly excited about the introduction of a ‘track to fix’ feature.

“This allows borrowers to switch from one of our new discounted standard variable rate products to one of our fixed rate products without paying ERCs. This enables our customers to secure the finance they need now, monitor the market and then potentially fix at a rate that works for them. We know that the fluidity seen in the market recently means that some borrowers want to strike a balance between flexibility and certainty, which this feature provides.”