Paragon announces rate reductions

Paragon Bank has announced they have reduced their range of two-year buy-to-let fixed-rate mortgages. 

 

Rates start from 3.89% 

 

The 3.89% rate is for single self-contained properties (EPC rating A - C) 

 

The 3.94% rate is for homes EPC D - E. 

 

Both rates are available at 70% loan-to-value with a 5.00% fee. 

 

If you are looking for a 75% LTV, there is a two-year fixed-rate option with rates starting at 4.80% and a 3.00% product fee. 

 

A 1.50% fee product is also available, with rates starting at 5.55% for the EPC A-C mortgage and 5.60% for EPC D and E. 

 

For HMO and MUB's, rates are starting at 4.14% at 70% LTV and 5.05% at 75% LTV. 

 

Interest Coverage Ratios (ICRs) are calculated at an initial rate plus two percentage points. 

 

The products are available for individual and limited company applications in England, Scotland and Wales, including a free mortgage valuation and a £299 application fee. 

 

Louisa Sedgwick, Mortgages Commercial Director at Paragon Bank, said: “Since the start of the year, we’ve seen a steady increase in the proportion of landlords looking for two-year fixed-rate products and we have responded by launching these competitive rates, with a range of LTVs and fees, providing landlords with plenty of choice. 

 

“Some landlords are keen to fix for a shorter duration than the traditional five-year term so they have the ability to reassess the market in a couple of years when it is anticipated that rates will be lower.” 

 

victoria@hdconsultants.net