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Green buy-to-let mortgages launched by Paragon

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29/10/2021
Landlords can access a better mortgage rate if the property is energy efficient
Green buy-to-let mortgages launched by Paragon

Paragon Bank has relaunched its buy-to-let green product range, introducing lower rates to landlords purchasing or remortgaging an energy efficient property.

A green version is now available for every standard buy-to-let product, with a 10 basis point price reduction for properties with an Energy Performance Certificate (EPC) rating of A to C.

Paragon’s green offering has been extended to all property types, including single self-contained properties (SSC), houses in multiple occupation (HMO) and multi-unit blocks (MUBs).

Richard Rowntree, Paragon Bank’s director of mortgages, said: “We have strengthened our green proposition to encourage landlords to add more energy efficient properties into the private rented sector (PRS). The energy efficiency of the PRS has improved significantly over the past 10 years, but we know more needs to be done as the UK moves towards a carbon zero target.

“The first step is encouraging changing buying behaviour so that more properties with EPC A-C are added to the sector. The next, more challenging, step will be to upgrade existing homes in the PRS and we are looking at numerous ways we can help our landlord customers to achieve that. This is a complex area but it’s something we must all address.”

Further product changes

The green mortgage range is part of a wider refresh of Paragon’s buy-to-let product range, with 80% loan-to-value (LTV) products reintroduced across standard products.

Paragon has also amended its Portfolio range so that the same rates are available for both single self-contained properties, Houses in Multiple Occupation and Multi Unit Blocks.

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