• Remortgage only products at 65% and 75% LTV
• Mortgage rates fixed over 2 and 5 years
• Products suitable for portfolio landlords operating as individual and limited company landlords

Five remortgage products have been added to Paragon Bank’s range of buy-to-let mortgages.

The loans are available at 65% and 75% loan-to-value (LTV) and are suitable portfolio landlords - those with four or more mortgaged properties – operating as individual landlords, limited companies or limited liability partnerships.

At 75% LTV, loans are available for remortgaging single self-contained units (SSC), houses in multiple occupation (HMO) and multi-unit blocks (MUB). Rates start at 2.90% when remortgaging on properties with EPC ratings of A – C and fixed over 2 years, rising to 3.00% for properties rated EPC D or E. When fixed over 5 years, rates for the 75% LTV products are priced at 2.98% for EPC A – C properties and 3.08% for homes with energy efficiency ratings below this.

The 65% LTV product has an initial rate of 2.77%, fixed over 5 years, and is available for remortgaging SSC.

Each of the products includes a free valuation, cashback and incurs no application fees. The minimum loan amount is £30,000 and maximum is £1m up to 75% LTV, £1.5m up to 70% LTV and £4m up to 65% LTV.

Moray Hulme, Director for Mortgage Sales said: “The popularity of 5-year fixed-rate mortgages saw a huge increase in 2017 and with many of these loans now maturing, we anticipate a rise in landlords who will be looking for competitive finance for their portfolios.

“To support these investors, we’ve expanded our range of remortgage products, offering landlords more choice and some certainty through the option to fix rates for two or five years.”

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.

For further information contact:

Jordan Lott
Media Relations Manager
Paragon
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 £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.