"We’ve listened to brokers who have told us that nil and fixed fee options should appeal to landlords wanting higher loan amounts, up to £500,000, alongside the certainty of fixing rates for five years"
The lender says that more choice will be offered to landlords via its nil and flat-fee options. Nil-fee five-year fixed rates are available for those purchasing or remortgaging single self-contained (SSC) properties, with rates starting at 6.35%, or HMOs at 6.60%.
Alternatively, landlords can select a five-year fixed rate with a flat fee of £2,995, with rates starting at 6.05% for SSCs, or 6.30% for HMOs. The five-year fixed-rate deals are available at 65% loan-to-value (LTV) on loans up to £500,000.
In addition to this, Paragon has launched three 12-month Discounted SVR rates. These start at 5.50% for SSCs and 5.75% for HMOs and come with a 1.50% fee. All products include free valuations, no application fees and are available to portfolio landlords - those with four or more buy-to-let mortgaged properties – in England, Scotland and Wales.
Louisa Sedgwick, Commercial Director at Paragon Bank, said: “We’re delighted to launch a range of limited-edition products that we feel provide something a little different to those offered by many of our competitors.
“We’ve listened to brokers who have told us that nil and fixed fee options should appeal to landlords wanting higher loan amounts, up to £500,000, alongside the certainty of fixing rates for five years. In addition, we have 12-month discounted variable rate products that provide competitively priced options for those who want to remain active in the market without committing to a longer term.”
She added: “These deals complement our core range, which includes a mix of lower rates and different fees, in addition to options like our track to fix product. Having the ability to secure a new discounted variable rate and then switch to a Paragon fix at any time during the term offers a mix of flexibility and certainty that may be particularly appealing given the fluidity of the current market.”