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Paragon launches limited edition two-year and five-year buy-to-let fixes

property investing

Paragon Bank has added four limited edition fixed rate products to its range of buy-to-let mortgages, including two 2-year and two 5-year products, all available at up to 75% loan-to-value.

Rates on the 2-year products start at 4.80% when purchasing or remortgaging homes with EPC ratings of A-C, rising to 4.85% on properties rated EPC D or E. Interest Coverage Ratio (ICR) calculation rates are 6.80% and 6.85% respectively.

Five-year products start at 5.00% on properties rated EPC A-C and increase to 5.05% when financing properties with lower energy efficiency scores of D and E. The ICR is calculated at 5.50% on both 5-year products.

All products are offered with free valuations and £350 cashback, incur a product fee of 3.00% and are available to portfolio landlords with four or more mortgaged buy-to-let properties in England, Scotland and Wales.

Moray Hulme, Director for Mortgage Sales said: “Since we refreshed our product range at the start of the year, we’ve seen a positive response from the market.

“This, along with conversations with brokers and landlords, reinforces our belief that alongside plenty of remortgage business, professional landlords want to continue investing in response to strong demand for rented homes despite a challenging economic environment.

“With the Bank of England increasing the Base Rate last week, we are confident that these products will provide additional options for landlords seeking some certainty.”

The four products are available when purchasing or remortgaging houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.