Paragon Bank has announced the unveiling of an exclusive array of buy-to-let mortgages, featuring a five-year fixed-rate scheme with zero or fixed fees, as well as discounted standard variable rates.
The launch is Paragon’s answer to broker feedback, resulting in the introduction of zero and flat-fee options to provide a wider range of alternatives for landlords. The bank now offers a zero-fee, five-year fixed-rate option for landlords who are either purchasing or remortgaging single self-contained (SSC) properties. This offering comes with starting rates at 6.35%, or 6.60% for houses in multiple occupation (HMOs).
On the other hand, landlords have the choice of a five-year fixed rate with a flat fee of £2,995, with starting rates at 6.05% for SSCs or 6.30% for HMOs. These fixed-rate deals are accessible at a 65% loan-to-value (LTV) ratio on loans up to £500,000.
Further to this, Paragon has also unveiled three 12-month discounted standard variable rate (SVR) options. These begin at 5.50% for SSCs and 5.75% for HMOs, accompanied by a 1.50% fee.
These new products are inclusive of complimentary valuations and free of application fees. They are available to portfolio landlords, defined as those with four or more buy-to-let mortgaged properties, across England, Scotland, and Wales.
Louisa Sedgwick, the Commercial Director at Paragon Bank, expressed her excitement over the new offering: “We’re delighted to launch a range of limited-edition products that we feel provide something a little different to those offered by many of our competitors.”
She highlighted the focus on broker feedback in their new offerings: “We’ve listened to brokers who have told us that zero and fixed fee options should appeal to landlords wanting higher loan amounts, up to £500,000, alongside the certainty of fixing rates for five years. In addition, we have 12-month discounted variable rate products that provide competitively priced options for those who want to remain active in the market without committing to a longer term.”
Sedgwick added: “These deals complement our core range, which includes a mix of lower rates and different fees, in addition to options like our track to fix product. Having the ability to secure a new discounted variable rate and then switch to a Paragon fix at any time during the term offers a mix of flexibility and certainty that may be particularly appealing given the fluidity of the current market.”