Paragon cuts mortgage rates for landlords
Paragon Bank has reduced a range of its buy-to-let mortgage rates.
The lender has cut the cost of mortgages for landlords with a 20% and 25% deposit or equity stake.
The reductions across the lender’s 80% loan-to-value products (for those with a 20% deposit) include a five-year fixed rate mortgage reduced to 3.95% from 4.09%.
There’s also a five-year fixed rate green mortgage (available on properties with an Energy Performance Certificate rating of A to C) reduced to 3.85% from 3.99%.
Both of these products have no product fee and include a free valuation and £350 cashback.
The reductions across 75% loan-to-value products (for those with a 25% deposit) include a five-year fixed-rate reduced to 3.15% from 3.35%, and a five year fixed green mortgage (on properties with an Energy Performance Certificate rating of A to C) reduced to 3.05% from 3.25%.
Product fees for the 75% LTV deals are charged at £1,995 and both products feature free valuations, no application fees and £750 cashback.
Moray Hulme, Paragon Bank mortgage sales director, said: “Landlords are looking to add to portfolios to satisfy growing levels of tenant demand. We have re-priced some of our rates to provide investors with some competitive mortgages at 75% and 80% LTV.”
The mortgages, for professional buy-to-let landlords with four or more mortgaged buy-to-let properties, are available for those operating as limited companies or individuals.
They are suitable for financing houses in multiple occupation (HMOs), single self-contained units (SSCs) and multi-unit blocks (MUBs) as well as holiday let properties.