Paragon Bank has introduced five-year fixed rate buy-to-let mortgage products for portfolio landlords with no product fees.
There are six deals in the range, which are available up to 70% LTV and start at 5.80% for the lender’s green mortgage. This is suitable for the purchase or remortgage of single self-contained (SSC) properties with EPC ratings of A, B or C. The rate increases by 5bps on properties with lower EPC ratings.
For landlords purchasing or remortgaging Houses in Multiple Occupation (HMOs) and Multi-Unit Blocks (MUB), rates start at 6.05%.
All products are available to landlords applying through limited company structures or in personal name in England, Scotland and Wales and £750 cashback is available on selected products.
Paragon Bank commercial director Louisa Sedgwick says: “While we know that initial rates starting at 5.80% won’t work for all borrowers, charging no product fees can make the mortgages we’ve launched today really appealing for others, particularly those buying or remortgaging higher value properties. We’ve also introduced £750 cashback on selected products which could be used towards legal costs, for example.
“We are delighted to see swap rates continuing to fall this week, highlighting how an element of stability is returning to the mortgage market, enabling us to adjust our range making our products more attractive to landlords.”
