Paragon Bank reduces rates on buy-to-let mortgages

Paragon Bank has unveiled a major product refresh and lowered its rates on six five-year fixed-rate, buy-to-let mortgages.

The rate cut applies to five-year fixed-rate buy-to-let mortgages, available at up to 75% loan-to-value.

The mortgages are available in England, Scotland and Wales and are suitable for portfolio landlords – those with four or more buy-to-let mortgaged properties – applying through limited company structures or in their personal name.

Provide landlords with more choice

Paragon Bank has taken 20 basis points (bps) off its nil-fee five-year fixed-rate products, with rates starting at 6.10% for single self-contained (SSC) properties with an Energy Performance Certificate ratings of A-C.

This increases by 5bps for purchasing or remortgaging properties with EPC ratings of D or E and 20bps for houses in multiple occupation (HMO) and multi-unit blocks (MUB).

Louisa Sedgwick, mortgages commercial director at Paragon Bank, said: “We’re keen to see our customers benefit from the stability that we’ve seen return to the economy, so we’re pleased to reduce rates across some of our five-year fixed-rate products.

“With both nil and 5% fee options available, we are also in a position to provide landlords with more choice.”

She added: “We’re also upping the LTV, from 65% to 75%, on our nil fee products to provide options that will work for more landlords.”

BTL mortgage rates

The specialist lender has also reduced its 5% fee five-year fixed options by 10bps, with rates starting at 5.15% on the green product, 5.20% on the standard SSC and 5.40% for borrowers purchasing or remortgaging HMOs or multi – unit blocks (MUBs.)

The products are available at up to 75% LTV and ICRs are calculated at 5.50%. There’s more information about the new BTL mortgage rates on Paragon’s website.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below: