For the first time since the financial crisis and available exclusively to intermediaries, the new Mortgage Trust product range includes 14 fixed rate products, with a variety of terms and Loan to Value options.
The new product range includes a two year fix at 2.99%, with a £495 product fee and up to 65% LTV, and a three year fix at 3.85% with no product fee and up to 75% LTV. There is also a two year fix at 4.45%, with no product fee and up to 80% LTV.
For those landlords looking to fix for a longer period, there is also a five year fix at an initial rate of 3.95%, with a £1,995 product fee and available up to 75% LTV.
All of the new products carry free valuation and a £150 application fee.
John Heron, Managing Director of Mortgages, said: “Paragon has a long association with mortgage lending in Scotland and we have had this launch on our agenda for some time now. The diversification of funding that the Group has achieved as a result of the launch of Paragon Bank, has facilitated this development and illustrates well the benefits that this strategy of diversification can bring.
This new competitive product range has been tailored specifically for landlords with properties in Scotland and is available only through intermediaries who are registered with Paragon and Mortgage Trust.
This is our initial product range for Scotland, and we will be looking to further expand the range in the coming months. The number of households in Scotland’s PRS has more than doubled since 2001, and as demand increases we will be looking to continue to create buy-to-let products that help landlords deliver quality homes for tenants.”
