Paragon Bank launches limited edition rates for portfolio landlords

The five-year fixed rates start at 5.35%.

Related topics:  Finance,  mortgages
Rozi Jones | Editor, Barcadia Media
21st August 2023
To Let 302
"We know that portfolio landlords remain active in the market, with many having built up good levels of equity across their portfolios."

Paragon Bank has launched three limited edition five-year fixed-rate buy-to-let mortgages, with rates from 5.35%.

Landlords purchasing single self-contained properties with EPC ratings of A-C can secure finance at up to 65% LTV with interest fixed at 5.35% for five years, increasing by 5bps to 5.40% on homes with lower energy ratings of D or E. Interest coverage ratios (ICR) are calculated at 5.50% on both products.

The specialist buy-to-let lender has also added a 65% LTV five-year fixed rate option for Houses in Multiple Occupation (HMO) and Multi-Unit Blocks (MUB) at 5.60%. The ICR rate for these products is also set at 5.60%.

The limited edition buy-to-let mortgages come with a 5% fee and are available for portfolio landlords – those with four or more mortgaged buy-to-let properties – applying as individuals or within limited company structures in England, Scotland and Wales.

Louisa Sedgwick, commercial director at Paragon Bank, said: “We know that portfolio landlords remain active in the market, with many having built up good levels of equity across their portfolios. We’ve launched these limited edition five-year fixed-rate mortgages, available at up to 65% LTV, to provide these landlords with competitively priced options.

“These complement the two-year fixed-rate mortgages we recently brought to the market, offering landlords the certainty of fixed interest rates over two popular terms.”

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