Paragon cuts buy-to-let rates by up to 0.45%

Essex Home Finance
Paragon Bank has refreshed its range of buy-to-let mortgage products for portfolio and non-portfolio landlords.
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Paragon Bank has refreshed its range of buy-to-let mortgage products for portfolio and non-portfolio landlords.

The changes include lower rates on 10 different products across the range, up to 75% LTV.

On portfolio products, a two-year fixed rate at 75% LTV has reduced to 3.20% with 1% product fee and £750 cashback, and a five-year fixed rate is down 0.45% to 3.75% with no product fee and £750 cashback.

For non-portfolio lending, five-year fixed rates have been cut by 0.25% to 2.99% at 70% LTV with a reduced product fee of 1.50%, and by 0.29% to 3.65% at 75% LTV with no product fee and £350 cashback.

The portfolio range includes fixed rates from 3.20% for single self-contained properties (SSCs) and 3.30% for HMOs and multi-unit blocks.

Non-portfolio products are offered to landlords seeking to finance SSCs over a five-year term with rates fixed from as low as 2.99%.

Moray Hulme, director of mortgage sales at Paragon, said: “The extension of the stamp duty holiday means that we’re likely to see further increased purchase activity over the coming months. In addition, we know that a significant number of landlords opted for five-year fixed rate products as a result of the introduction of the 3% stamp duty surcharge in 2016. These mortgages are set to mature so we expect to see an increased focus on remortgage activity too.

“Landlords are adept at responding to the market and we aim to support this by developing products that provide useful and competitive options for those who are modifying their portfolios in line with current conditions.”

Original Article from Financial Reporter 15/03/2021

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