• Six new fixed rate buy-to-let mortgages available at up to 75% LTV
• Interest coverage ratio (ICR) rate calculation reduced to 5.50%
• Options for both portfolio and non-portfolio landlords purchasing or remortgaging HMO, MUB or SSC

Paragon Bank has expanded its range of buy-to-let mortgages with six new buy-to-let fixed rate mortgages, with selected products featuring a reduced interest coverage ratio (ICR) rate calculation.

For portfolio landlords, Paragon has launched four new five-year fixed rate mortgages with rates starting at 5.40%, and a reduced interest coverage ratio (ICR) calculation rate starting at 5.50%.

Five-year fixed rate mortgages, with initial rates starting at 5.40%, are available at up to 75% LTV to non-portfolio landlords – those with between one and three mortgaged buy-to-let properties. The ICR is also set at 5.50% on this loan.

All products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.

Moray Hulme, Director for Mortgage Sales said: “We’re really pleased to be able to expand our product range and offer more choice to buy-to-let investors with both small and large portfolios. Some will find the certainty of our competitively priced fixed rates appealing, especially as the ICR - which we’ve further reduced - should help to make the sums work for more borrowers.”

For more information, including ERCs, reversion rates, APRCs and product fees, please see the product guides available on the Paragon Bank website.

For further information contact:

Jordan Lott
Media Relations Manager
[email protected]

Notes to editors:
 

Paragon lends to private individuals and limited companies and has mortgages suitable for single, self-contained properties, as well as HMOs and multi-unit blocks. Paragon can accommodate higher aggregate lending limits and more complex letting arrangements including local authority leases and corporate leases along with standard ASTs.

Paragon introduced its first product aimed at the professional property investor in 1995 and is a member of UK Finance, the Intermediary Mortgage Lenders Association (IMLA), National Landlords Association (NLA) and the Association of Residential Letting Agents (ARLA). 

Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of loan assets under management and manages over 450,000 customer accounts.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ.