Paragon Bank has boosted its range of buy-to-let mortgages with two new products available at up 80% loan-to-value (LTV). The lender has also reduced all 70% and 75% LTV products by 10bps for single self-contained (SSC) properties and removed application fees from 75% LTV products with a 3% product fee.
Paragon’s new 80% LTV buy-to-let mortgages are available for purchasing or remortgaging SSC properties with EPC ratings of A-C. With the option to fix rates over two- and five-year terms, both products are priced at 6.14% with nil product fee and a £299 application fee.
Russell Anderson, Commercial Director of Mortgages at Paragon Bank, said: “Recent UK Finance figures revealed significant growth in buy-to-let purchase and remortgage lending. This suggests that landlords are feeling more confident and actively expanding their portfolios, perhaps targeting higher-yielding stock, or improving the properties they already own.
“Expanding our range with buy-to-let mortgages available on SSCs at up to 80% LTV supports this, providing landlords who want to borrow more with additional options.”
Paragon has also taken 10bps off 70% and 75% LTV products for SSCs with EPC ratings of A-C. Two-year fixed rates start at 3.24%, with a 5% product fee and £299 application fee. At 75% LTV, two-year fixes are priced from 4.24% with a 3% product fee and nil application fee. When fixing over five years, rates start at 4.74% with a 5% fee and £299 application fee.
James Harrison, Paragon Bank Mortgages Product Manager, added: “Reducing rates by 10bps on select SSC mortgages provides some great value options for landlords. Also removing application fees on our 75% LTV 3% product fee range will reduce up-front borrowing costs, offering additional value for landlords, particularly those with larger portfolios.”
All products detailed are suitable for landlords purchasing or remortgaging properties as individuals or through limited company structures in England, Scotland and Wales.
