Paragon adds new two-year tracker options to buy-to-let range

Paragon Bank has introduced a 2% fee product to its buy-to-let Bank Base Rate (BBR) tracker range.

The revised range is available up to 75% LTV and spans both single self-contained properties (SSCs), HMOs and multi-unit blocks (MUBs).

For SSC properties at 75% LTV, the latest two-year tracker is priced from BBR plus 1.00% (currently 4.75%). The product includes a free mortgage valuation, no application fee and no early repayment charges.

Two-year tracker options for HMOs and MUBs at the same LTV tier start from BBR plus 1.35%. These products offer the same benefit of no early repayment charges and include a free valuation.

Paragon has also taken 15bps off a selection of its two-year fixed rate mortgages. Within the SSC range, rates begin at 3.40% for properties with an EPC rating of A to C with a 5% fee, or 3.45% for less energy efficient properties. A 3% fee option is available from 4.40%, while a fee-free alternative is offered from 5.90%. 

Selected products include free valuations and no application fees, with £500 cashback available on the higher fee option.

For HMOs and MUBs, pricing starts from 3.55% with a 5% fee, moving to 4.55% with a 3% fee and 6.05% fee-free. These products also benefit from free valuations, with application fees set at £299.

All fixed rate products carry early repayment charges of 3% in each of the first two years and revert to Paragon’s standard variable rate, currently 7.35%, less 1.25%.

James Harrison, product manager at Paragon Bank, said: “We’ve had a strong response to our BBR tracker range over the past six months after launching five-year options in December last year, before adding two-year terms at the start of this year.
 
“Extending the range to total 14 options for new customers, alongside six switch and four further advance products, and introducing more fee options, we are giving brokers greater scope to match products to their clients’ priorities, whether that is focusing on pay rate, upfront cost or overall balance across a portfolio.”