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Paragon refreshes buy-to-let switch and further advance products, with increased proc fees

Paragon refreshes buy-to-let switch and further advance products, with increased proc fees

  • Paragon has refreshed its buy-to-let switch and further advance mortgages for portfolio and non-portfolio landlords
  • Products include two- and five-year fixes at 75% and 80% loan to value (LTV)
  • Mortgage options available for individuals, limited companies and limited liability partnerships

Paragon has refreshed its buy-to-let switch and further advance product range for portfolio and non-portfolio landlords, with a range of two- and five-year fixes available at 75% and 80% LTV for individuals, limited companies and limited liability partnerships.

Paragon's portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies or limited liability partnerships and can be used to finance single self-contained units (SSCs), multi-unit blocks (MUBs) or houses is multiple occupation (HMOs).

For SSC units at 75% LTV, highlights from the refreshed portfolio switch product range include a two-year fixed rate mortgage at 3.55% with a 0.50% product fee and a five-year fixed rate mortgage at 3.80% with a nil product fee.

For MUBs and HMOs at 75% LTV, the refreshed portfolio range includes a two-year fixed rate mortgage at 3.65% with a 0.50% product fee and a five-year fixed rate mortgage at 3.90% with a nil product fee.

In the new portfolio further advance product range, highlights include a 75% LTV two-year fixed rate mortgage at 3.35% with a 0.25% product fee for SSCs, and an 80% five-year fixed rate mortgage at 3.85% with a 0.50% product fee for MUBs and HMOs. Each of the portfolio further advance products comes no application fee.

For non-portfolio landlords, new switch options include two- and five-year fixed mortgages starting from 2.85% on loans up to 75% LTV with a 1.00% product fee, and at 3.50% on loans up to 80% LTV with a nil fee. The refreshed non-portfolio further advance products include a 75% LTV two-year fixed rate mortgage at 3.30% with a 0.25% product fee and, at 80% LTV, a five-year fixed rate mortgage at 3.70% with a 0.50% product fee.

In addition, Paragon has increased procuration fees on switch products from 0.25% to 0.30%. Further advance proc fees remain at 0.50%.

John Heron, Managing Director – Mortgages at Paragon, said:

This is a significant refresh of our portfolio and non-portfolio buy-to-let mortgage product range, designed to extend the choice and flexibility for landlords with portfolios varying in size and complexity.

The competitive rates we offer, alongside fee-free products and our specialist underwriting capability, makes Paragon one of the first choices for portfolio and non-portfolio landlords.

We also understand the valuable contribution our intermediary partners make in ensuring the right products are delivered to the right customers. Where a broker recommends a Paragon switch product and is proactively engaged in the process, we believe that it is appropriate that the intermediary is rewarded, which is why we’ve increased proc fees to 0.30%.

Paragon Banking Group PLC.  Registered in England number 2336032.  Registered office 51 Homer Road, Solihull, West Midlands  B91 3QJ.