Mortgages

Paragon increases proc fees in buy-to-let revamp

The refreshed range includes two and five-year fixes available at 75% and 80% LTV for individuals, limited companies and portfolio landlords.

Rozi Jones
|
15th August 2019
John Heron Paragon
"This is a significant refresh of our portfolio and non-portfolio buy-to-let mortgage product range"

Paragon has refreshed its buy-to-let switch and further advance product range and increased procuration fees on switch products from 0.25% to 0.30%.

The refreshed range includes two and five-year fixes available at 75% and 80% LTV for individuals, limited companies and portfolio landlords.

For single self-contained units (SSCs) at 75% LTV, highlights from the refreshed portfolio switch product range include a two-year fixed rate mortgage at 3.55% with a 0.50% product fee and a five-year fixed rate mortgage at 3.80% withno product fee.

For MUBs and HMOs at 75% LTV, a two-year fixed rate mortgage is available at 3.65% with a 0.50% product fee and a five-year fixed rate at 3.90% with no product fee.

In the new portfolio further advance product range, highlights include a 75% LTV two-year fixed rate mortgage at 3.35% with a 0.25% product fee for SSCs, and an 80% five-year fixed rate mortgage at 3.85% with a 0.50% product fee for MUBs and HMOs. Each of the portfolio further advance products comes no application fee.

For non-portfolio landlords, new switch options include two and five-year fixed rates starting from 2.85% on loans up to 75% LTV with a 1.00% product fee, and at 3.50% on loans up to 80% LTV with no fee. The refreshed non-portfolio further advance products include a 75% LTV two-year fixed rate mortgage at 3.30% with a 0.25% product fee and, at 80% LTV, a five-year fixed rate mortgage at 3.70% with a 0.50% product fee.

John Heron, managing director of mortgages at Paragon, said: “This is a significant refresh of our portfolio and non-portfolio buy-to-let mortgage product range, designed to extend the choice and flexibility for landlords with portfolios varying in size and complexity.

“The competitive rates we offer, alongside fee-free products and our specialist underwriting capability, makes Paragon one of the first choices for portfolio and non-portfolio landlords.

“We also understand the valuable contribution our intermediary partners make in ensuring the right products are delivered to the right customers. Where a broker recommends a Paragon switch product and is proactively engaged in the process, we believe that it is appropriate that the intermediary is rewarded, which is why we’ve increased proc fees to 0.30%.”

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