"We aim to improve accessibility, and empower landlords to seize opportunities and navigate the market with confidence."
Paragon Bank and LendInvest have both announced further reductions to their buy-to-let product rates.
Paragon has reduced the price of its limited-edition five-year fixed rate for the second time in two weeks.
The lender has taken a further 15bps off the price of its limited-edition five-year fixes that come with a 5% fee. Rates now start at 5.60% for the purchase or remortgage of green properties with EPC ratings of A–C, 5.65% for single self-contained properties and 5.85% for HMOs and MUBs.
The buy-to-let mortgages are available at up to 75% LTV and interest coverage ratios are calculated at the same rates as initial interest rates. Each of the three mortgages includes a free valuation.
The mortgages are available to portfolio landlords - those with four or more buy-to-let mortgaged properties – in England, Scotland and Wales, operating through limited companies or as individuals.
LendInvest has further reduced rates across its buy-to-let product suite, including lower headline rates and reductions across its five-year fixed range, with rates now starting from 4.54%.
With access to LTVs of up to 75%, landlords can explore a wider range of financing options to capitalise on investment opportunities. This flexibility extends to ICR stress tests, with higher fee, lower rate products now available.
Louisa Sedgwick, commercial director at Paragon Bank, said: “We recently reduced rates on our five-year fixes and with the swaps market continuing on its recent run of relative stability, we’re in a position to pass this on to customers, further reducing rates on our 5% fee products.
“This should see us amongst the most competitive five-year fixed rate limited company buy-to-let mortgages with 5% fee or less.
“To reiterate what I said when we launched these now reduced limited-edition products, the fluidity that has characterised the market this year means that lenders sometimes have to respond to abrupt changes so products may not be available for long.”
Sophie Mitchell-Charman, commercial director at LendInvest, said: “With this enhanced buy-to-let mortgage range, we aim to improve accessibility, and empower landlords to seize opportunities and navigate the market with confidence. Our commitment to providing competitive rates and flexible options is a testament to our unwavering support for our clients' success.”
