Paragon has expanded its buy-to-let (BTL) product range with the introduction of five-year fixed rates.
The lender has launched a total of six new fixed rate products, with a choice of fees of 2.5% or £1,999.
What’s new?
Paragon’s 2.5% fee five-year fixed rate product has rates starting at 5.35% for energy-efficient (rated A-C) homes. The rate rises to 5.4% for properties with EPC ratings of D or E.
The specialist lender is also offering a five-year fix at 5.6% for portfolio landlords purchasing or remortgaging houses in multiple occupation (HMOs) or multi-unit blocks (MUBs).
Alternatively, the £1,999 fee option is priced at 5.7% for properties with EPC ratings of A-C, increasing to 5.75% for properties rated EPC D or E, and 5.9% for HMOs and MUBs.
Louisa Sedgwick, commercial director at Paragon Bank, said: “We continuously monitor the market and review our product suite to ensure we’re offering value for borrowers.
“Equally important as all of the number crunching is listening to brokers, who have told us that low-fee options would offer a solution in scenarios where purchase prices are lower or capital doesn’t appreciate as quickly.
“This is where these products fit in. We’re broadening the choice on offer to brokers, ensuring we have products in our range to cater for all landlords regardless of the loan size.”
Related: Paragon launches lowest two-year fixed rate in 18 months
