Strong BTL variable rate option at a time of heightened uncertainty

by Property 118

13:39 PM, 18th November 2019
About 3 weeks ago

Strong BTL variable rate option at a time of heightened uncertainty

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Strong BTL variable rate option at a time of heightened uncertainty

Paragon has launched a new range of Buy to Let purchase and remortgage products for portfolio and non-portfolio landlords, with rates discounted for two and five years starting at 2.65% at 75% loan to value (LTV) for individuals, limited companies and limited liability partnerships. All discounted products also feature a free valuation and no application fee.

Paragon’s portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies or limited liability partnerships and can be used to finance single self-contained units (SSCs), multi-unit blocks (MUBs) or houses in multiple occupation (HMOs).

For SSC units at 75% LTV, highlights from the discounted portfolio range include a two-year discounted variable rate mortgage at 2.65%, representing a 2.95% reduction from Paragon’s standard variable rate (SVR), with no application fee and a free valuation.

For HMOs at 75% LTV, the discounted portfolio range includes a two-year discounted variable rate mortgage at 2.80%, a 2.80% discount from SVR, also with no application fee and a free valuation.

There are two discounted products available to non-portfolio landlords, for SSC units at 75% LTV. These are a two-year discounted variable rate mortgage at 2.65%, discounted by 2.95% from SVR, and a five-year discounted variable rate mortgage discounted by 2.65% at 2.95%, both with no application fee and a free valuation.

John Heron, Director of Mortgages at Paragon, said: “Whilst there is an overwhelming preference in the market for fixed rate mortgages, we are introducing these discounted variable rate products now to make sure that our landlords have a strong variable rate option at a time of heightened economic and political uncertainty.”

Paragon Bank has also recently been named as Best Commercial Lender at the 2019 Lending Awards, reflecting the support provided for UK businesses.

Dave Newcombe, Managing Director of Commercial Lending at Paragon, said: “We are thrilled with our recent awards success and it’s truly reflective of Paragon’s ongoing support for businesses across the UK.”

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