The lender has also reduced rates and removed fees on some mortgages.
What’s new?
Paragon has introduced two new products at up 80% loan-to-value (LTV).
The two-year and five-year fixed rates are both priced at 6.14% with no product fee and a £299 application fee.
They are available for purchasing or remortgaging single self-contained properties with EPC ratings of A-C.
The lender has also reduced all 70% and 75% LTV products by 10 basis points for single self-contained (SSC) properties and removed application fees from 75% LTV products with a 3% product fee.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
Two-year fixed rates start at 3.24%, with a 5% product fee and £299 application fee. At 75% LTV, two-year fixes are priced from 4.24% with a 3% product fee and nil application fee. When fixing over five years, rates start at 4.74% with a 5% fee and £299 application fee.
Russell Anderson, commercial director of mortgages at Paragon Bank, said: “Recent UK Finance figures revealed significant growth in buy-to-let purchase and remortgage lending. This suggests that landlords are feeling more confident and actively expanding their portfolios, perhaps targeting higher-yielding stock, or improving the properties they already own.
“Expanding our range with buy-to-let mortgages available on SSCs at up to 80% LTV supports this, providing landlords who want to borrow more with additional options.”
James Harrison, Paragon Bank mortgages product manager, added: “Reducing rates by 10 basis points on select mortgages provides some great value options for landlords. Also removing application fees on our 75% LTV 3% product fee range will reduce upfront borrowing costs, offering additional value for landlords, particularly those with larger portfolios.”
