• New limited-edition products for portfolio landlords financing SSC
• Switch products for portfolio and non-portfolio landlords
• Selected products offered with free valuations, cashback and no application or transfer fees

Paragon Bank is expanding its range of buy-to-let mortgages by adding four limited-edition products and four switch products.

Four limited edition products are available for portfolio landlords - those with four or more mortgaged properties – purchasing or remortgaging Single Self-Contained (SSC) properties. Fixed for five years, rates start at 2.67% on the 50% loan-to-value (LTV) mortgage and 2.77% on the 60% LTV loan, each increasing by 10 basis points for homes rated EPC D and E. 

For both portfolio and non-portfolio landlords who are looking to switch to a new mortgage, Paragon has announced four 75% LTV products.

Portfolio landlords are offered finance for Houses in Multiple Occupation (HMO), Multi-Unit Blocks (MUB) and SSC. The initial rate is 3.00% when fixed over two years, rising to 3.08 when borrowed over a five-year term.

Non-portfolio landlords with SSC can choose between two-year and five-year fixed rate products, with rates set at 3.00% and 3.08% respectively.

Moray Hulme, Director for Mortgage Sales said: “Since the end of lockdown, we’ve seen an increasing population of landlords who do not wish to leverage their properties as much as they may have done previously. As a responsible lender, we have launched some 50% and 60% LTV products to cater for this market and reward this prudent approach.

“In addition, we made a commitment to keep our switch products in line with our core range and so this is an extension of that promise, matching the remortgage only products we launched last week.”

All four limited edition products feature zero application fees and are offered with free valuations and £750 cashback. They include an interest coverage ratio (ICR) of 4.00%.

Switch products incur nil transfer fees. ICR is set at 4.00% on five-year loans and 5.50% on two-year products.  

Paragon’s five-year fixed-rate products are subject to Early Repayment Charges (ERC) of 5% in years one and two, 4% during years three and four and 3% for year five. ERC change to 3% in years one and two on the two-year fixed rate products.

For further information contact:

Jordan Lott
Media Relations Manager
Tel: 0121 712 2319

Notes to editors:

Paragon lends to private individuals and limited companies and has 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 introduced its first product aimed at the professional property investor in 1995 and is a member of UK Finance, the Intermediary Mortgage Lenders Association (IMLA), National Landlords Association (NLA) and the Association of Residential Letting Agents (ARLA). 

Paragon Bank PLC 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 £12 billion of assets under management and manages over 450,000 customer accounts.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ.