Paragon Bank has reduced rates by 20 basis points across its buy-to-let (BTL) mortgage range.
The changes apply across both two-year and five-year fixed rate products and the range now starts from 3.55%, with options available for purchase and remortgage up to 75% loan-to-value (LTV).
Landlords can choose from a broad range of fee structures, including nil, 3%, 4%, 5% and a flat £3,995 fee, enabling them to tailor products to suit their individual priorities.
At up to 75% LTV, two-year fixed rates now start from 3.55% on Paragon’s green mortgage range, which is available on properties with EPC ratings of A-C for single self-contained (SSC) properties.
For homes with lower energy efficiency, rates are priced 5bps higher.
Within the five-year fixed range, rates at 75% LTV now start from 4.75% on green products, again for SSC properties, with the same EPC criteria and pricing differentials applying.
Paragon has also reduced rates across fixed products for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), which are priced 15bps higher than equivalent green EPC SSC products.
All products are available to individual landlords and limited companies across England, Scotland and Wales.
Paragon Bank head of mortgage sales Jason Wilde says: “Landlords are navigating a market that continues to be shaped by political and economic uncertainty. In this environment, we are seeing many opt for higher fee products in order to secure a lower headline rate.”
“That won’t be the right approach for everyone, however. By reducing rates across the whole range and maintaining a breadth of fee options, we’re giving landlords the flexibility to choose products that best suit their own circumstances and portfolio strategy.”
Elsewhere, LendInvest has cut all of its two- and five-year fixed rate BTL products by as much as 10bps.
The lender’s lowest rates now start at 3.84%.
The rate reductions are available across new business, product transfers, and bridge-to-let financing.
LendInvest sales director Paula Mercer says: “We’re pleased to be able to reduce our rates to our brokers and clients by 10bps, which will no doubt offer some relief in today’s UK property market.”
