Paragon Bank has announced this morning that it has expanded its buy-to-let portfolio range with the addition of two limited edition products for single self-contained units, HMOs) and multi-unit blocks.
According to the bank, the new products are offered over two and five-year fixed-rate terms, with rates starting at 2.65% and 2.99% respectively, these products also include free mortgage valuations and £750 cashback.
Both mortgages are offered at 75% loan-to-value (LTV) and are available for experienced landlords purchasing and remortgaging buy-to-let properties as individuals or through limited companies.
The two-year product has a 1.00% product fee and APRC is set at 4.10%. The product fee is set at 2.00% while the APRC is charged at 4.00% on the five-year mortgage.
Richard Rowntree, Paragon Bank Managing Director for Mortgages, said: “We’re offering two products that are fairly unique in that the extremely competitive rates are available not only on single self-contained units but also HMOs and multi-unit blocks.
“Add to this, free mortgage valuations and £750 cashback, and we have two fantastic mortgages that we expect to be very popular, especially given their limited availability.
“In addition to the strong demand for rented property that is continuing to drive purchases, we know there is a need for keenly priced remortgage products. This is due to the significant numbers of landlords who have deals maturing, while others may want to take advantage of house price rises to raise capital for improvements; expanding our range of limited-edition mortgages will help to support landlords in these situations.”