Paragon launches new limited-edition 'track to fix' product

The lender has announced the addition of a new, limited-edition Discounted Standard Variable Rate product to its existing buy-to-let range and includes the option to ‘track to fix’.

Related topics:  Finance,  Landlords,  BTL
Property | Reporter
16th June 2023
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"With no ERCs for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty"

The two-year product is available at up to 75% loan-to-value (LTV) and is priced at 4.73% which is Paragon’s SVR less 4.12%. It is available for single self-contained properties, houses in multiple occupation and multi-unit blocks.

The latest addition to the specialist lender’s range is offered with the ‘track to fix’ option. At any time during the discounted product term, a landlord can apply to switch to any available Paragon product switch fixed rate without incurring an early repayment charge.

Richard Rowntree, Managing Director for Mortgages at Paragon Bank, said: “It’s fantastic to be able to add another product to our range that is available with our track-to-fix option.

“Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two and we know that many borrowers like the certainty of fixed-rate mortgages. With no ERCs for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty.”

The mortgage is available to borrowers operating through limited companies or as individuals. It is subject to a 3.00% product fee. In addition, the product includes free valuations and is available to portfolio landlords - those with four or more buy-to-let mortgaged properties – in England, Scotland and Wales.

Rowntree added: “Alongside this limited-edition variable rate product, our core range includes fixed rate mortgages and products with varying fee levels, providing a range of solutions for brokers and their clients.”

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