Paragon Bank cuts buy-to-let rates

Paragon Bank has reduced rates across four of its 80% and 75% loan-to-value (LTV) five year fixed-rate buy-to-let products.

Following the changes 5-year fixed have been cut from 4.09% to 3.95%, while the equivalent green mortgage has been cut from 3.99% to 3.85%.

Both of these products incur no product fee and include a free valuation and £350 cashback.

Paragon’s 75% LTV products are being reduced by a greater amount, as its 5-year fix now costs 3.15%, from 3.35%.

Meanwhile its green mortgage has reverted from 3.25% to 3.05%.

Product fees for the 75% LTV deals are charged at £1,995 and both products feature free valuations, no application fees and £750 cashback.

Moray Hulme, mortgage sales director at Paragon Bank, said: “Landlords are looking to add to portfolios to satisfy growing levels of tenant demand. We have re-priced some of our rates to provide investors with some competitive mortgages at 75% and 80% LTV.”

“The products, for professional buy-to-let landlords with four or more mortgaged buy-to-let properties, are available for those operating as limited companies or individuals.

“They are suitable for financing houses in multiple occupation (HMOs), single self-contained units (SSCs) and multi-unit blocks (MUBs) as well as holiday let properties.”

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