Paragon Reduces Rates On Buy-To-Let Range

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Paragon Bank – the specialist buy-to-let lender has refreshed its range of mortgage products by cutting the rates on 14 of its products, including HMOs.

The new range is including products for both portfolio and non-portfolio landlords, fixed rates and discount variable rates as well as mortgages for multi-unit blocks and houses of multiple occupancy (HMOs).

Highlights for portfolio landlords include two-year and five-year fixed rates at 2.75% and 3.19% respectively, providing the borrower has a 25% deposit.

Standard mortgages at 80% loan-to-value have rates at 3.45% for a two-year fixed and 3.75 for a five-year fixed term.

Portfolio landlords borrowing on an HMO or MUB property can expect rates ranging from 2.85% to 3.65% for a two-year fixed, and 3.29% to 3.85% for a five-year term.

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Fixed and discount variable rates for non-portfolio landlords start at 3.45% and 2.65% respectively.

Property owners can choose from a range of product fees and many policies include free mortgage valuations and cashback offers.

The director of mortgage sales at Paragon, Moray Hulme, said: “In recent years, landlords have had to be more strategic in their approach than ever before and the buy-to-let market has seen a significant increase in portfolio and complex business.

“This new product range caters for the professional landlord with competitive pricing, low or zero product fees, free valuations and cashback offers.”

Carl Shave, director at Just Mortgage Brokers, has added: “We are now starting to see the changes being implemented by lenders to kick off the new year.

“With research indicating that 68% of landlords intend to fund their next purchase with a mortgage and 31% will be looking to remortgage in the next 12 months, Paragon are setting their stall out early with some decent reductions and a good selection of products.

“This should hopefully enable them to continue as a lender of choice especially with portfolio and other specialist buy-to-let lending customers.”

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