Paragon Bank unveils new buy to let mortgages

Paragon Bank has introduced four limited edition five-year fixed rate buy to let mortgages tailored to landlord portfolios.

The lender is offering two new products for landlords owning three or fewer mortgaged BTL properties, and corresponding options for those with larger portfolios.

These mortgages are available for single self-contained properties up to 65% loan-to-value and come with a £2,995 fee.

‘Products to provide landlords with more choice’

Paragon’s mortgages commercial director, Louisa Sedgwick, said: “We’ve launched these limited-edition products to provide landlords with more choice and offer solutions that suit a broader spectrum of customer.

“Our expertise means that we’re sometimes seen as an HMO or multi-unit block lender.

“While it is true that we do have lots of experience in this space and work with established landlords, we also support newer entrants to the market who may be growing their portfolios with more simple propositions, such as single self-contained properties.”

She adds: “Offered at a lower loan-to-value of 65%, these products will be particularly appealing to those that can put down a slightly larger deposit to benefit from lower rates.”

Properties with energy efficiency ratings of A-C

Interest rates for the new BTL products begin at 5.45% for properties with energy efficiency ratings of A-C, rising to 5.50% for those rated D or E.

Interest coverage ratios are calculated based on initial rates, with the mortgages accessible to individual and company applicants in England, Scotland, and Wales.

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