Paragon Bank has bolstered its range of buy-to-let mortgages by launching limited edition two-year fixed rate products.
Paragon’s new two-year fixed rate mortgages are priced from 3.45% for properties rated EPC A-C, with a 4.00% product fee.
The finance is available up to 70% LTV for purchasing or remortgaging single self-contained (SSC) properties, for which Paragon has also removed the application fee.
Interest coverage ratios (ICRs) are calculated at 5.5%.
Paragon is offering an equivalent product for purchasing or remortgaging HMOs and multi-unit blocks (MUBs), with rates priced at 3.80% and stressed at 5.80%.
Customers can benefit from £500 cashback on completion, as well as free mortgage valuations.
James Harrison (pictured), mortgages product manager at Paragon Bank, said: “With the economy settling a little following recent disruption, swap rates have gradually reduced, enabling us to lower rates for landlord customers.
“It’s fantastic to be able to offer some market-leading rates on two-year fixed deals, which brokers tell us are a popular option currently. Removing the application fee on our SSC products and offering cashback and free mortgage valuations also provides landlords with some attractive options.
“This week we announced a streamlined process for landlords with up to 15 properties, made possible by the launch of our bespoke mortgage application platform, requesting fewer supporting documents and speeding up application time. It’s a significant change and means a broader spectrum of brokers and landlords are able to benefit from these competitive products.”
