Paragon has launched a ‘track to fix’ feature on its new mortgage product range for landlords.

The feature allows landlords taking one of its new discounted variable rate mortgages to switch to a fixed rate product at any time during the agreed product period (from 12 months to three years) – without incurring any Early Repayment Charges.

It means borrowers can take advantage of a potentially lower rate now with the security of knowing they can switch to a fixed rate at any time, penalty free.

The lender has also launched new two-year fixed rate products for portfolio landlords with initial rates starting at 4.95%.

Further advances

Paragon has introduced new further advance mortgage products for landlords, with both fixed and discounted variable rate options available. Selected products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.

Moray Hulme, director for mortgage sales at the lender, said: “We’re delighted to share our refreshed product range with the market, and are particularly excited about the introduction of a ‘track to fix’ feature.

“This allows borrowers to switch from one of our new discounted standard variable rate products to one of our fixed rate products without paying ERCs. This enables our customers to secure the finance they need now, monitor the market and then potentially fix at a rate that works for them.

“We know that the fluidity seen in the market recently means that some borrowers want to strike a balance between flexibility and certainty, which this feature provides.”