Paragon expands buy-to-let range and reduces ICR rate

Paragon Bank has expanded its range of buy-to-let mortgages with six new fixed rate mortgages, with selected products featuring a reduced interest coverage ratio (ICR) rate calculation.

For portfolio landlords, Paragon has launched four new five-year fixed rate mortgages with rates starting at 5.40%, and a reduced ICR calculation rate starting at 5.50%.

Five-year fixed rate mortgages, with initial rates starting at 5.40%, are available at up to 75% LTV to non-portfolio landlords – those with between one and three mortgaged buy-to-let properties. The ICR is also set at 5.50% on this loan.

All products include free mortgage valuations and are available on HMOs, multi-unit blocks (MUB) and single self-contained (SSC) properties.

Moray Hulme, director for mortgage sales, said: “We’re really pleased to be able to expand our product range and offer more choice to buy-to-let investors with both small and large portfolios. Some will find the certainty of our competitively priced fixed rates appealing, especially as the ICR - which we’ve further reduced - should help to make the sums work for more borrowers.”