"The launch of these limited-edition products sees us replace four of our five-year fixes with mortgages that feature lower rates."
Paragon Bank has launched four new limited edition five-year fixed rate buy-to-let mortgages.
Rates start at 4.90% when purchasing or remortgaging properties with EPC ratings of A-C, rising to 4.95% on homes with energy efficiency ratings of D or E. These two products incur a 3% fee.
Two further products come with a flat fee of £2,495. Rates are set at 5.25% and 5.30%, with the former for EPC rated A-C homes and the later for properties with EPC ratings of D or E.
The four products are offered at up to 75% LTV, with a maximum loan of £4 million and an Interest Coverage Ratio (ICR) calculation rate of 5.50%. They are available to portfolio landlords - those with four or more buy-to-let mortgaged properties - in England, Scotland and Wales.
Offered with free valuations, the mortgages are suitable for financing the purchase or remortgage of single self-contained properties, HMOs and multi-unit blocks.
The Annual Percentage Rate of Change (APRC) on the products is 7.10% and each is subject to an application fee of £299.
Moray Hulme, director of mortgage sales at Paragon, said: “The launch of these limited-edition products sees us replace four of our five-year fixes with mortgages that feature lower rates.
“This improves our range of fixed rate products so is good news for portfolio landlords who want some certainty when remortgaging one of their existing properties or purchasing homes in response to what is now sustained strong tenant demand.”
