Paragon cuts rates on 22 BTL products

The lender has announced that it has reduced rates across 22 buy-to-let mortgage products, with fixed deals now starting at 4.59%.

Related topics:  Finance,  Landlords,  BTL
Property | Reporter
5th September 2023
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As part of a product refresh that has seen rates cut across a range of loan-to-value bands for both portfolio and non-portfolio landlords, Paragon Bank has announced its latest round of rate cuts - this time across 22 individual buy-to-let products.

According to the lender, highlights include a 26bps reduction on their 70% LTV two-year fixed rate product, now priced at 4.59% This rate is available to portfolio landlords for the purchase or remortgage of single self-contained homes with EPC ratings of A-C. Rates increase to 4.64% on properties banded EPC D or E and 4.84% on HMOs and MUBs.

The product fee on the two-year fixes is set at 5% and interest coverage ratios (ICR) are calculated at two percentage points above initial rates.

All products include a free valuation and are available to landlords applying as individuals or within limited company structures in England, Scotland and Wales.

Louisa Sedgwick, Commercial Director at Paragon Bank, said: “In this market, landlords want options, so we are pleased to offer these competitive rates with a mix of terms, LTVs and fees.

“With a range of different indicators suggesting that the UK economic outlook is strengthening, the stabilisation of swap rates has continued and, as a result, we’ve been able to again reduce rates on some of our key products. The most exciting of these is our 70% LTV two-year fix with a rate of 4.59%, making it the best-priced product in the market for limited company buy-to-let.”

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