"We recently reduced rates on our five-year fixes and with the swaps market continuing on its recent run of relative stability, we’re in a position to pass this on to customers, further reducing rates on our 5% fee products"
Specialist lender, Paragon Bank, has announced that it has taken a further 15bps off the price of its limited-edition five-year fixes that come with a 5% fee. Rates now start at 5.60% for the purchase or remortgage of ‘green’ properties with EPC ratings of A–C, 5.65% for single self-contained properties and 5.85% for HMOs and MUBs.
The buy-to-let mortgages are available at up to 75% loan-to-value (LTV) and interest coverage ratios are calculated at the same rates as initial interest rates. Each of the three mortgages includes a free valuation.
Louisa Sedgwick, Commercial Director at Paragon Bank, said: “We recently reduced rates on our five-year fixes and with the swaps market continuing on its recent run of relative stability, we’re in a position to pass this on to customers, further reducing rates on our 5% fee products.
“This should see us amongst the most competitive five-year fixed rate limited company buy-to-let mortgages with a 5% fee or less.
“To reiterate what I said when we launched these now reduced limited-edition products, the fluidity that has characterised the market this year means that lenders sometimes have to respond to abrupt changes so products may not be available for long.”
