Paragon expands tracker range with switch and further advance options

Paragon Bank has expanded its Bank Base Rate (BBR) tracker buy-to-let mortgage range with the launch of new switch and further advance products.

The switch products are available up to 80% LTV, while further advances are offered up to 75% LTV, with both available for single self-contained properties (SSCs), as well as HMOs and multi-unit blocks (MUBs).

At 75% LTV, rates start at 5.10%, equivalent to Bank Base Rate plus 1.35%, with a 1.50% fee option, while a 0.75% fee alternative is available from 5.47% (BBR +1.72%). 

For HMOs and MUBs, rates start from 5.45% with a 1.50% fee or 5.82% with a 0.75% fee.

In addition, an 80% LTV option is available for switch applications in the form of a 12-month tracker with no fee, providing an alternative for landlords requiring higher leverage.

All products are offered on a two-year tracker term, with the exception of the 80% LTV switch option, and include early repayment charges of 2% in year one and 1% in year two.

James Harrison, mortgages product manager at Paragon Bank, said: “Since launching our Bank Base Rate tracker range, we’ve seen strong engagement from brokers and their landlord clients. By introducing switch and further advance options, we’re enabling existing customers to access this tracker product when reviewing their borrowing or raising additional funds. This ensures landlords can take a consistent approach across their portfolios, whether they are refinancing or funding further investment.”