Paragon and TML boost BTL mortgage offerings

Paragon Bank has lowered interest rates on its two-year fixed-rate buy to let mortgages at 75% loan-to-value (LTV), with new rates beginning at 4.24%.

This reduction of 11 basis points applies to products for purchasing or remortgaging single self-contained (SSC) properties.

It adds that rates vary by Energy Performance Certificate (EPC) ratings.

Properties rated A to C start at 4.24%, while those with D or E ratings are priced 5 basis points higher.

Other Paragon BTL options

Options include a nil or 3% product fee, with free valuations on all products and no application fees for SSC mortgages.

For landlords financing houses in multiple occupation (HMOs) or multi-unit blocks (MUBs), rates begin at 4.59% with a 3% fee or 6.09% without, though a £299 application fee applies.

These mortgages cater to landlords operating as individuals or through limited companies across England, Scotland and Wales.

Interest coverage ratios are assessed at the initial rate plus two percentage points.

Paragon’s commercial director, Russell Anderson, said: “The products are priced competitively and should appeal to experienced, larger landlords, as well as those with 15 or fewer properties who may be able to benefit from a significantly smoother application process, with fewer document requirements following the most recent process and systems enhancements we’ve made.”

TML boosts its BTL offer

Meanwhile, The Mortgage Lender (TML), part of Shawbrook Retail Mortgages, has introduced enhancements to its BTL mortgage offerings.

TML’s BTL criteria now include landlords letting properties they previously occupied or inherited, providing greater flexibility for property investors.

There are also changes that see expanded eligibility for non-UK nationals 75% LTV for a BTL mortgage.

The lender’s commercial director of retail mortgages, Steve Griffiths, said: “By broadening our approach to include skilled workers and landlords in more nuanced circumstances, we’re helping to equip brokers with the options they need to support a wider range of client needs.

“Our goal is to remove barriers where possible and make homeownership and property investment more accessible.”

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