Paragon launches 80% LTV buy-to-let range

Paragon Bank has boosted its range of buy-to-let mortgages with two new products available at 80% LTV. 

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 no product fee and a £299 application fee. 

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.

Two-year fixed rates now 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 no application fee. When fixing over five years, rates start at 4.74% with a 5% fee and £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.” 

James Harrison, product manager at Paragon Bank, 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.”