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Paragon launches four new 5-year fixed rate products

Houses - terraced.jpg

  • Remortgage and purchase products at 70% and 75% LTV
  • Products suitable for portfolio landlords operating as individual and limited company landlords
  • Products offered with free valuations and cashback

Paragon Bank has announced that it is adding four new 5-year fixed rate mortgages to its buy-to-let portfolio range.

Available at 70% and 75% loan-to-value, the mortgages are suitable for portfolio landlords - those with four or more mortgaged properties – operating as individual landlords, limited companies or limited liability partnerships.

For landlords purchasing or remortgaging properties with Energy Performance Certificates (EPC) rated A-C, rates start at 2.95% if borrowing at 70% loan-to-value (LTV) and 3.00% at 75% LTV.

For homes which are rated below EPC C, rates are priced at 3.05% on the 70% LTV product, rising to 3.10% on loans of 75% of the property’s value.

All four mortgages are offered with free valuations and £750 cashback and the specialist lender has also removed the £100,000 minimum loan requirement from selected products.

All five-year products include an interest coverage ratio (ICR) starting at 4.00% and are subject to Early Repayment Charges (ERC) of 5% in years one and two, 4% during years three and four and 3% for year five.

Moray Hulme, Director for Mortgage Sales said: “Our recently refreshed product range has proven popular, suggesting that landlords have been actively are modifying their portfolios, whether that be boosting PRS stock through purchasing additional properties or taking advantage of the current low-rate environment to get a good remortgage deal.

“To support this, we’ve added four new products, again offering preferential rates to incentivise energy efficient properties, and also removed the £100,000 minimum loan on mortgages where percentage product fee is applicable, providing more flexibility for investors.” 

For further information contact:

Jordan Lott
Media Relations Manager
Paragon
[email protected]

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 £12 billion of 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.