Paragon Bank has expanded its Bank Base Rate tracker buy-to-let mortgage range with the addition of switch and further advance products, giving existing customers more options to review their borrowing or raise funds against their portfolios.
The switch products are available at up to 80% LTV, with further advances offered at up to 75% LTV. Both are available across single self-contained properties, houses in multiple occupation and multi-unit blocks.
At 75% LTV, rates start at 5.10%, equivalent to BBR plus 1.35%, with a 1.50% fee. A lower-fee alternative is available from 5.47% (BBR +1.72%) with a 0.75% fee. For HMOs and MUBs, rates start from 5.45% (BBR +1.70%) with a 1.50% fee, or 5.82% (BBR +2.07%) with a 0.75% fee.
An 80% LTV option is also available for switch applications, offered as a 12-month tracker with no fee for landlords requiring higher leverage. All other products run on a two-year tracker term and carry early repayment charges of 2% in year one and 1% in year two.
"Since launching our Bank Base Rate tracker range, we've seen strong engagement from brokers and their landlord clients," said James Harrison, mortgages product manager at Paragon Bank.
"By introducing switch and further advance options, we're enabling existing customers to access this tracker product when reviewing their borrowing or raising additional funds. This ensures landlords can take a consistent approach across their portfolios, whether they are refinancing or funding further investment."
