Paragon reduces BTL rates up to 15bps
Paragon Bank has reduced rates by 15 basis points across its fixed-rate buy-to-let mortgage range.
Products in its Core and Tailored propositions now start from 3.4%.
Across the Core range, the cuts apply to two and five-year fixed-rate mortgages for purchases and remortgages of single self-contained properties, Houses in Multiple Occupation (HMOs) and multi-unit blocks (MUBs).
At 75% LTV, two-year fixed rates now start from 3.4% on green mortgages for single self-contained properties with Energy Performance Certificate (EPC) ratings of A-C, rising to 3.45% for properties rated D or E.
Both products carry a 5% fee and include £500 cashback. For HMOs and MUBs, equivalent products start from 3.55% with a 5% fee and £500 cashback.
Five-year fixed rates at 75% LTV begin at 4.8% for green mortgage-eligible properties and 4.85% for those rated EPC D or E.
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Both come with with a 5% fee and £1,000 cashback. Rates for HMOs and MUBs start from 4.95%, also with a 5% fee and £1,000 cashback.
Paragon has also reduced pricing across its tailored proposition, which supports buy-to-let applications that fall outside standard lending criteria.
At 75% LTV, two-year fixed rates start from 5.15% for green mortgage-eligible single self-contained properties and 5.30% for HMOs and MUBs. Five-year fixed rates start from 5.55% and 5.70% respectively, with £1,000 cashback available on the five-year products.
James Harrison (pictured), mortgages product manager at Paragon Bank, said: “These reductions provide landlords with lower pricing across a broad selection of two-year and five-year fixed products, covering both standard and more specialist property types.
“The range has been structured to provide a choice of rates and product fee arrangements, including nil-fee, percentage-fee and fixed-fee mortgages. Free valuations across the range, alongside no application fee on products for single self-contained properties, also enables brokers to consider the upfront costs as well as the rate and fee structure when discussing requirements with landlord clients.”
