- Six five-year fixes with nil product fees and rates from 5.80%
- Available for portfolio landlords at up to 75% LTV
- £750 cashback on selected products
Paragon Bank has launched new five-year fixed-rate buy-to-let mortgages with nil product fees, rates starting at 5.80% and £750 cashback on selected products.
Available at up to 75% loan-to-value (LTV), rates start at 5.80% on Paragon’s green mortgage that is suitable for the purchase or remortgage of single self-contained (SSC) properties with EPC rating of A, B or C. This increases by 5bps on properties with lower EPC ratings.
For landlords purchasing or remortgaging Houses in Multiple Occupation (HMO) and Multi-Unit Blocks (MUB), rates start at 6.05%.
Interest coverage ratios (ICR) are calculated in line with initial rates. All products are available to landlords applying through limited company structures or in personal name in England, Scotland and Wales.
Louisa Sedgwick, Commercial Director at Paragon Bank, said: “While we know that initial rates starting at 5.80% won’t work for all borrowers, charging no product fees can make the mortgages we’ve launched today really appealing for others, particularly those buying or remortgaging higher value properties. We’ve also introduced £750 cashback on selected products which could be used towards legal costs, for example.
“We are delighted to see swap rates continuing to fall this week, highlighting how an element of stability is returning to the mortgage market, enabling us to adjust our range making our products more attractive to landlords.”
For more information, including Annual Percentage Rates of Change (APRC) and Early Redemption Charges, please visit the Paragon website here.
For media enquiries contact:
Jordan Lott
Media Relations Manager
Paragon
Tel: 0121 712 2319
[email protected]
Notes to editors:
Paragon lends to private individuals and limited companies and provides 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 Bank PLC is 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 £14 billion of assets under management, helping more than 340,000 customers to achieve their ambitions.