Rates start at 6.45% and fixed fees from £995
Specialist lender Paragon Bank has launched new limited edition five-year fixed rate products, expanding its range of buy-to-let mortgages for portfolio landlords.
The new five-year fixes, available at up to 75% loan-to-value (LTV), are priced at 6.45% with a £2,995 fee and maximum loan size of £2 million, or 6.54% with a £995 fee and £500,000 maximum loan.
The lender said the products were designed for portfolio landlords financing single self-contained properties that fall into energy performance certificate (EPC) bands ‘A’ to ‘C’. Rates for homes with lower energy efficiency ratings are priced five basis points higher.
Paragon added that it was also offering similar mortgages for houses in multiple occupation (HMOs), with the £2,995 fee option priced at 6.70% and the £995 fee deal at 6.79%.
All products include free valuations and are available to landlords operating as individuals or through limited companies in England, Scotland, and Wales.
The lender has already launched limited edition BTL mortgages several times this year.
In an article announcing the addition of the new products to the range, Louisa Sedgwick (pictured), commercial director at Paragon Bank, said they it was pleased to bring new limited edition products to the market to offer landlords additional choice.
“We know that brokers are looking at different ways to make deals work for their clients, trying to find the best balance between rates, fees, and loan amounts, all within affordability constraints,” she stated.
“For some, such as those borrowing higher amounts up to our new £2 million limit, the £2,995 fee mortgage can be a good value option. Likewise, the £995 fee product could be really well suited to landlords who want to borrow up to £500,000.”
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