Property market predictions for 2023
3 years ago | 1 comments
Paragon unveils 5-year fixes and re-prices SVR
11:26 AM, 3rd January 2023, 3 years ago
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Paragon Bank has announced the launch of four 5-year fixed rate buy-to-let mortgages, featuring reduced rates and fees, alongside the re-pricing of its Standard Variable Rate (SVR).
The specialist lender is replacing four of its 5-year fixed rate mortgages with new products that feature lower rates and fees and are offered with £350 cashback.
The buy-to-let mortgages are available for portfolio landlords – that is those landlords with four or more mortgaged buy-to-let properties – at up to 75% loan-to-value (LTV).
Properties with EPC ratings of A-C rates
When borrowed on properties with EPC ratings of A-C rates are priced at 5.20% with a 3.00% fee or 5.40% with a 2.00% fee.
On properties rated EPC D or E, the rates are 5.25% with a 3.00% fee or 5.45% with a 2.00% fee.
Moray Hulme, Paragon’s director for mortgage sales, said: “We’re starting the new year by replacing four of our 5-year fixes with mortgages that have lower headline rates as well as reduced fees.
“Available at up to 75% LTV, these are competitive options for portfolio landlords who are either purchasing in response to strong tenant demand or remortgaging and looking for some certainty.”
Available on houses in multiple occupation
Selected products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Paragon says it has also increased its Standard Variable Rate from 7.85% to 8.35% to reflect the recent rise in the Bank of England’s base rate of interest.
More information, including ERCs, reversion rates and APRCs are available on the Paragon Bank website.
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Member Since August 2021 - Comments: 22
9:31 PM, 3rd January 2023, About 3 years ago
Brave man advertising these rates.
Does he also supply the hoops needed to jump thru
Member Since April 2016 - Comments: 25
7:19 PM, 4th January 2023, About 3 years ago
What are we doing to demonstrate as landlords how we are being fleeced with the obscene SVR’s are dishing out for BTL’s
How can lenders justify to charge over 8%
The bank rate is currently 3.5% How is the justification for some of the lenders to charge basically 5% above BBR’s- This is just shocking and then some lenders won’t allow a product transfer either.
If all of us fought back perhaps we could do something but instead we just complain and cry. Just like the very poor uptake on mortgage interest relief petition currently circulating.
We are attacked at all angles with tax, rates and general landlord bashing. We are probably more likely to keep on the straight and narrow and service our debt
Please we must all fight back
Member Since September 2020 - Comments: 158
11:19 PM, 8th January 2023, About 3 years ago
Reply to the comment left by Kay Landlord at 04/01/2023 – 19:19
It’s called a debt trap Kay. The people who are financially strong will remortgage onto the better rates leaving the high risk customers on the SVRs.
To be fair to the bank’s, they can get decent returns from other lending like corporate bonds, so even at 8%, doing 85% LTV on a cr@ppy terrace in Stoke that’s dropping in value with a tennant on benefits, and a landlord underwater, isn’t that attractive.