Paragon Bank has bolstered its range of buy-to-let mortgages by launching limited edition two-year fixed-rate products.
Paragon’s new two-year fixed rate mortgages are priced from 3.45% for properties rated EPC A-C, with a 4.00% product fee, currently the most competitive rate when compared to equivalent products across the market.
The finance is available at up to 70% loan-to-value (LTV) for purchasing or remortgaging single self-contained (SSC) properties, for which Paragon has also removed the application fee.
Interest Coverage Ratios (ICRs) are calculated at 5.5%.
Paragon is offering an equivalent product for purchasing or remortgaging Houses in Multiple Occupation (HMOs) and multi-unit blocks (MUBs), with rates priced at 3.80% and stressed at 5.80%.
Customers can benefit from £500 cashback on completion, as well as free mortgage valuations.
James Harrison, Paragon Bank Mortgages Product Manager, says: “With the economy settling a little following recent disruption, swap rates have gradually reduced, enabling us to lower rates for landlord customers.
“It’s fantastic to be able to offer some market-leading rates on two-year fixed deals, which brokers tell us are a popular option currently. Removing the application fee on our SSC products and offering cashback and free mortgage valuations also provides landlords with some attractive options.
“This week we announced a streamlined process for landlords with up to 15 properties, made possible by the launch of our bespoke mortgage application platform, requesting fewer supporting documents and speeding up application time. It’s a significant change and means a broader spectrum of brokers and landlords are able to benefit from these competitive products.”
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
