Paragon Bank has expanded its buy-to-let product range with the addition of two and five-year fixed-rate mortgages.

The products are available for portfolio landlords - those with four or more mortgaged properties – purchasing or remortgaging houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.

The products include two five-year options at 70% loan-to-value (LTV) and a two-year deal at 75% LTV, all available for remortgage or purchase. Rates start at 5.89% and all products are offered with free mortgage valuations.

In addition to the launch of the new products, Paragon has also removed the early redemption fee on its two-year discounted variable product, currently priced at 4.09%, or 3.99% for properties with an EPC rating of between A and C.

Product type and term	LTV	Inital rate	Product fee	Early redemption fee	Reversion rate	APRC	ICR rate*
5-year fixed	70%	6.25%	3.00%	5% for year 1 5% for year 2 4% for year 3 4% for year 4 3% for year 5	5.85% Paragon SVR less 1.25%	6.00%	7.00%
5-year fixed	70%	6.50%	2.00%	5% for year 1 5% for year 2 4% for year 3 4% for year 4 3% for year 5	5.85% Paragon SVR less 1.25%	6.60%	7.00%
2-year fixed	75% 75%	5.99% 5.89%	2.50%	3.00% for 2 years	5.85% Paragon SVR less 1.25%	6.30% 6.30%	7.99% 7.89%

*Although affordability will be calculated using this rate, please be aware that future affordability calculations may limit the maximum loan amount available.

Products labeled with this icon are available for properties that have an EPC rating of A, B or C.

Moray Hulme, Director for Mortgage Sales said: “We are pleased to introduce these fixed-rate products to our range, which complements the discounted variable products we launched last week. We think these are attractive products for landlords looking for certainty over the next two or five years. We have also removed the early redemption fee from our two-year discounted variable product, which gives landlords the ability to switch onto a fixed-rate if they need to.”

For press enquiries please contact:
Jordan Lott
Media Relations Manager
Paragon Bank

www.paragonbank.co.uk 

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.