Paragon Bank has introduced a new limited-edition Discounted Standard Variable Rate (SVR) product to its array of buy-to-let mortgages, providing portfolio landlords with an opportunity to ‘track to fix’.
The two-year product, available for up to 75% loan-to-value (LTV), is priced at 4.73% – Paragon’s SVR less 4.12%. It is applicable for single self-contained properties, houses in multiple occupation, and multi-unit blocks.
This latest addition to Paragon’s range of specialist lending comes with the unique ‘track to fix’ option. This allows landlords, at any point during the discounted product term, to switch to any available Paragon fixed rate product without facing an early repayment charge.
“It’s fantastic to be able to add another product to our range that is available with our track to fix option,” says Richard Rowntree, Managing Director for Mortgages at Paragon Bank. He highlighted the growing demand for such options, stating, “Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two and we know that many borrowers like the certainty of fixed-rate mortgages. With no early repayment charges for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty.”
The mortgage is accessible to borrowers operating either through limited companies or as individuals. It comes with a 3.00% product fee, includes free valuations, and is available to portfolio landlords – those who own four or more buy-to-let mortgaged properties – in England, Scotland, and Wales.
Rowntree further added, “Alongside this limited-edition variable rate product, our core range includes fixed rate mortgages and products with varying fee levels, providing a range of solutions for brokers and their clients.”