Paragon has launched a deal for landlords who need to borrow up to £1m.

The new five-year fix for larger loans is available up to 75 per cent value at a rate of 3.5 per cent.

The deal includes a free mortgage valuation and comes with a product fee of £3,500 and an application fee of £299 application fee, the product will be attractive to landlords looking for a larger loan product.

Paragon’s new product is only available on single self-contained properties and the minimum loan size is £350,000.

Paragon director of mortgage sales Moray Hulme says: “This new product complements our existing range and provides landlords with more choice in the higher loan space.

“We’re launching this new product in response to the market. 

“Through listening to introducers, we know that offering a flat fee on a higher maximum loan is competitive and presents good value for borrowers.

“We know that there is currently strong demand for properties across the pricing spectrum so this product will be a superb option for landlords who are expanding their portfolios through higher value purchases.”