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Five new remortgage products launched for landlords

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The new mortgages are specifically designed for portfolio landlords, with four or more mortgaged properties
Five new remortgage products launched for landlords

Paragon has launched a raft of remortgage-only buy-to-let products for landlords.

The five new remortgage products are available at 65% and 75% loan to value, for landlords with a 35% or 25% equity stake.

The products are aimed at portfolio landlords – those with four or more mortgaged properties – operating as individual and limited company landlords.

What’s new?

At 75% LTV, remortgages have been launched for single self-contained units (SSC), houses in multiple occupation (HMO) and multi-unit blocks (MUB).

Rates start at 2.90% when remortgaging on properties with Energy Performance Certificate (EPC) ratings of A – C and fixed over two years, rising to 3.00% for properties rated EPC D or E.

Over five years, the fixed rates for the 75% LTV products are priced at 2.98% for EPC A – C properties and 3.08% for homes with energy efficiency ratings below this.

The 65% LTV product has an initial rate of 2.77%, fixed over five years, and is available for remortgaging single self-contained units.

Each of the products includes a free valuation, cashback and incurs no application fees.

Moray Hulme, director for mortgage sales at Paragon, said: “The popularity of five-year fixed-rate mortgages saw a huge increase in 2017 and with many of these loans now maturing, we anticipate a rise in landlords who will be looking for competitive finance for their portfolios.

“To support these investors, we’ve expanded our range of remortgage products, offering landlords more choice and some certainty through the option to fix rates for two or five years.”

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