Paragon offers new customers its lowest rate for 18 months

Paragon offers new customers its lowest rate for 18 months

0:01 AM, 15th February 2024, About 2 months ago

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Paragon Bank has launched some appealing offers on its two-year fixed rate buy to let mortgages and some deals include its lowest rate for 18 months and cuts of up to 35bps.

The specialist lender says its offers are available for portfolio and non-portfolio landlords.

They can apply through limited company structures or in personal name in England, Scotland and Wales.

‘Things do seem to be heading in the right direction’

Paragon’s commercial director, Louisa Sedgwick, said: “Although there is still work to do to stabilise the economy, things do seem to be heading in the right direction and the general feeling is that rates are coming down.

“This means that we’re seeing landlords seek the stability of a fixed rate but over the shorter two-year term so they can reassess the market in a couple of years’ time.”

She added: “We wanted to show some love to our landlord customers, so we’re offering our lowest rate on two-year fixes for new customers in over 18 months and have taken 35bps off our 3% fee two-year product too.”

Paragon’s BTL mortgage deals

The key features of Paragon’s BTL mortgage deals are:

  • A new product with a 70% loan-to-value (LTV) ratio and a two-year fixed rate starting at 3.94% for single self-contained (SSC) properties with green A-C energy performance certificate (EPC) ratings, 3.99% for SSC properties with EPC D-E ratings and 4.19% for houses in multiple occupation (HMOs) and multi-unit blocks. This product has a 5% fee and is the lowest two-year fixed rate from Paragon for over 18 months. It is only available for portfolio landlords.
  • Products with a 75% LTV ratio and a two-year fixed rate starting at 4.85% for green properties, 4.90% for standard properties and 5.10% for HMOs and multi-unit blocks. These products have a 3% fee and are reduced by 35bps. They are available for portfolio landlords.
  • Products with a 75% LTV ratio and a two-year fixed rate starting at 4.85% for green properties and 4.90% for standard properties. These products have a 3% fee and are available for non-portfolio landlords.

The interest cover ratios (ICRs) are calculated at two percentage points above the initial rates.

Fixed-rate loans for landlords to go up on Friday, says Coventry for Intermediaries

Coventry for Intermediaries, the broker-only division of Coventry Building Society, has announced that it will increase the prices of its fixed-rate loans for landlord borrowers on Friday (16 February). The changes will affect:

Buy to let and portfolio BTL

New borrowers

  • All two-year fixes for remortgaging
  • All two-year fixes for purchasing, with no fee
  • All five-year fixes.

Existing borrowers

  • No changes to the BTL range.

MFS brings back fixed-rate BTL mortgages

MFS, a specialist lender, has brought back fixed-rate BTL mortgages and lowered all of its tracker rates.

BTL investors can choose a two- or three-year fix, which do not have rate stressing that makes many landlords opt for five-year fixed rates with early repayment fees.

MFS’s fixed-rate products have a pay rate as low as 4.59%.

The company has also cut its tracker rates by 0.20% to 0.25%.

Fleet unveils new five-year fixed rate products

Fleet Mortgages, a lender that specialises in buy-to-let loans, has introduced new five-year fixed-rate products with no completion fees for its three main categories: standard, limited company and HMO/MUB.

Borrowers in the standard/limited company category can get a rate of 5.59% up to 75% LTV, while those in the HMO/MUB category can get a rate of 5.93%.

Fleet says that the products with no completion fees would offer a significant, immediate saving, along with a very competitive five-year fixed rate.

Each product has a booking fee of £199 and comes with free valuations for standard and limited company borrowers for properties worth up to £500k.

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

Contact Brooklands Commercial Finance

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