Paragon launches £750 cashback offer and new fee option

Paragon Bank has boosted its range of five-year fixed-rate buy to let mortgages with new 3% fee options and £750 cashback added to all five-year purchase and remortgage fixed-rate products.

The addition of 3% fee products to Paragon’s range of five-year fixes means that the bank now offers 3%, 5% and nil fee options at up to 75% loan-to-value (LTV), expanding choice for landlords.

Rates for the 3% fee product start at 5.14% for properties with EPC ratings of A-C, rising to 5.39% for Houses in Multiple Occupation and Multi-Unit Blocks.

Interest Coverage Ratios (ICRs) are calculated at the product rate.

The products are available for individual and limited company applications in England, Scotland and Wales and include a free mortgage valuation.

‘We’ve introduced £750 cashback’

Paragon’s mortgage product manager, James Harrison, said: “After listening to brokers, we’ve introduced £750 cashback to our purchase and remortgage five-year fixes, helping to offset application or legal fees.

“We’re also responding to changes in the market – as interest rates have started to reduce, products with lower fees have become more popular.

“Therefore, we’ve added a 3% product fee option to complement our nil fee and 5% fee five-year fixed-rate range.”

The Mortgage Lender announces further rate reductions

Meanwhile, The Mortgage Lender (TML) has announced that its rates will now begin at 4.71% for standard properties, down from 4.86%.

There have also been reductions on the Portfolio Multi Loan products, now starting from 5.37%, as well as further reductions on the Ex-Pat and Holiday Let and Short Term Let product ranges.

The lender has also lowered rates on several 5-Year Fixed rate products available for HMO’s and Multi-Unit Blocks, with rates now starting from 4.96%.

These reductions of up to 10bps also apply to the Portfolio Multi Loan products, as well as the ex-pat rates too.

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