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Paragon launches new 2-year variable and 3-year fixed rate mortgages 

Moray Hulme.jpg

  • Two new discounted variable rate products and two 3-year fixed rate products
  • For portfolio landlords purchasing or remortgaging HMO, MUB or SSC
  • Products offered with free mortgage valuations

Paragon Bank is expanding its range of buy-to-let mortgages with the addition of two new 2-year discounted variable rate products and two 3-year fixed rate products.

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 2-year discounted variable rates start from 2.99%, while the 3-year fixes start from 4.69% and come with a £500 cashback. The products are available at 75% loan-to-value (LTV) and are offered with free mortgage valuations.

Moray Hulme, Director for Mortgage Sales said: “After analysing the market we have introduced some new buy-to-let products that offer landlords more choice.

“We’ve added 2-year variable rate products to our range to provide finance that has a headline rate significantly cheaper than many of the 2-year fixed rate products currently available, enabling investors to respond to the strong demand for rented homes we’re seeing currently.

“In addition, with rates expected to fall beyond the anticipated peak in two years, we’re able to offer competitively priced mortgages that are fixed for three years, providing landlords with certainty.”

The variable rate products have an APRC of 5.90% and ERC are 3% over the term. The fixed rate mortgages are subject to an APRC is 5.20% and ERC are 3% in years one and two and 2% in year 3. All products are subject to an application fee of £299. 

For further information contact:

Jordan Lott
Media Relations Manager
Tel: 0121 712 2319
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.