Paragon adds four new BTL products to its range

Paragon adds four new BTL products to its range

15:18 PM, 6th February 2023, About A year ago 2

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Paragon Bank’s range of buy to let mortgages has been boosted with four limited edition fixed rate products that include two 2-year and two 5-year products.

They are all available at up to 75% loan-to-value.

The rates on the 2-year products start at 4.80% when purchasing or remortgaging homes with EPC ratings of A-C, rising to 4.85% on properties rated EPC D or E.

Interest Coverage Ratio (ICR) calculation rates are 6.80% and 6.85% respectively.

5% on properties rated EPC A-C

Five-year products start at 5% on properties rated EPC A-C and increase to 5.05% when financing properties with lower energy efficiency scores of D and E.

The ICR is calculated at 5.50% on both 5-year products.

All products are offered with free valuations and £350 cashback, incur a product fee of 3% and are available to portfolio landlords with four or more mortgaged buy-to-let properties in England, Scotland and Wales.

‘We’ve seen a positive response from the market’

Moray Hulme, the director for mortgage sales, said: “Since we refreshed our product range at the start of the year, we’ve seen a positive response from the market.

“This, along with conversations with brokers and landlords, reinforces our belief that alongside plenty of remortgage business, professional landlords want to continue investing in response to strong demand for rented homes despite a challenging economic environment.”

He added: “With the Bank of England increasing the Base Rate last week, we are confident that these products will provide additional options for landlords seeking some certainty.”

Paragon says the four products are available when purchasing or remortgaging houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.

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12:22 PM, 7th February 2023, About A year ago

Salient point being 3% fee.

Mark Pickersgill

16:28 PM, 7th February 2023, About A year ago

It's the very high fees on Paragon products that make them unattractive, especially for portfolio landlords. They are not the 'go to' provider of choice unfortunately.

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