It reduces the rates of its limited edition BTL mortgages by 0.15%
Specialist lender Paragon Bank has announced another rate reduction on its limited edition, five-year fixed rate, 5% fee, buy-to-let mortgages.
The lender has slashed the rates of its limited-edition five-year fixes by 15 basis points, with rates now starting from 5.60% for the purchase or remortgage of ‘green’ properties with energy performance certificate (EPC) ratings of ‘A’ to ‘C’, from 5.65% for single self-contained properties, and from 5.85% for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
The buy-to-let mortgages are available at up to 75% loan-to-value (LTV) and interest coverage ratios are calculated at the same rates as initial interest rates. Each of the three mortgages includes a free valuation.
The products are available to portfolio landlords – those with four or more buy-to-let mortgaged properties – in England, Scotland, and Wales, operating through limited companies or as individuals.
“We recently reduced rates on our five-year fixes, and with the swaps market continuing on its recent run of relative stability, we’re in a position to pass this on to customers, further reducing rates on our 5% fee products,” said Louisa Sedgwick (pictured), commercial director at Paragon Bank. “This should see us among the most competitive five-year fixed rate limited company buy-to-let mortgages with 5% fee or less.
“To reiterate what I said when we launched these now reduced limited edition products, the fluidity that has characterised the market this year means that lenders sometimes have to respond to abrupt changes so products may not be available for long.”
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