Paragon Bank has expanded its Bank Base Rate tracker buy-to-let range with new switch and further advance options, giving existing landlord borrowers another route to refinance or raise funds without moving away from the lender.
The new products, released on 23 June, extend the tracker range to portfolio activity as well as straightforward refinancing. Paragon said switch products will be available up to 80 percent loan-to-value, while further advances will run up to 75 percent loan-to-value across single self-contained properties, HMOs and multi-unit blocks.
For landlords, the move matters because it widens the choice for borrowers who want to review costs or raise funds against existing stock at a time when many are still balancing rate risk, refurbishment bills and compliance spending.
Paragon widens tracker options for existing borrowers
At 75 percent loan-to-value, pricing starts at 5.10 percent, equivalent to Bank Base Rate plus 1.35 percent, with a 1.50 percent fee. A lower-fee option is available from 5.47 percent, or Bank Base Rate plus 1.72 percent.
For HMOs and multi-unit blocks, rates start from 5.45 percent with a 1.50 percent fee, rising to 5.82 percent for the 0.75 percent fee option. Paragon has also added an 80 percent loan-to-value switch product on a 12-month tracker with no fee, aimed at landlords who need higher borrowing headroom.
All products sit on a two-year tracker term apart from that 80 percent switch option, and carry early repayment charges of 2 percent in year one and 1 percent in year two.
James Harrison, mortgages product manager at Paragon Bank, said the lender had seen strong early demand for tracker borrowing from brokers and landlord clients. He said the new switch and further advance options were designed to let existing customers take a more consistent approach across their portfolios when refinancing or raising extra funds.
Landlords weigh flexibility against rate exposure
The fresh products are likely to appeal most to landlords who expect base rate falls later in the year, or who want short-term flexibility rather than committing to a longer fixed rate. But tracker pricing still leaves borrowers exposed if the interest-rate outlook turns again, so the practical value will depend on each landlord’s cashflow, loan size and exit plan.
For borrowers using further advances, the timing is also notable. Many landlords have been raising capital for upgrades, repairs and energy-efficiency work, while others have been reshaping portfolios around higher-yielding stock and more specialist property types.
This follows Landlord Knowledge’s report on The Mortgage Works launching a 1,000-home EPC funding pilot, which showed how lenders are trying to tie borrowing more closely to portfolio planning ahead of the 2030 EPC C deadline. Earlier this year, Landlord Knowledge also covered how tracker mortgages returned to the market as lenders adjusted pricing.
Landlords considering Paragon’s new range can review the lender’s buy-to-let mortgage information alongside APRC, ICR and ERC details before deciding whether the extra flexibility is worth the tracker risk.
What this means for landlords
- If you’re refinancing with Paragon: there is now a tracker route for switch business up to 80 percent loan-to-value, which may suit shorter-term planning.
- If you’re raising capital: the new further advance options could help fund works or portfolio changes without a full remortgage.
- Watch for: whether expected Bank Rate cuts arrive quickly enough to justify taking tracker exposure rather than fixing now.
- Bottom line: the added choice is useful, but landlords still need to stress-test repayments before treating a tracker as the cheaper option.
Editor’s view
Tracker products make sense when landlords want room to move, not certainty at any price. The attraction here is flexibility, but the test will be whether landlords use it to strengthen portfolios rather than simply chase a headline rate.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 24 June 2026
Sources: Paragon Bank, Landlord Knowledge archive
Related reading: BTL trackers launch as lenders cut rates ahead of spring
