Paragon launches discounted SVR with ‘track to fix’ option

Paragon Bank has added a limited-edition discounted standard variable rate (SVR) product to its range of buy-to-let mortgages, offering portfolio landlords the chance to ‘track to fix’.

The two-year product is available at up to 75% LTV and is priced at 4.73% which is Paragon’s SVR less 4.12%. It is available for single self-contained properties, houses in multiple occupation and multi-unit blocks.

The latest addition to the specialist lender’s range is offered with the ‘track to fix’ option. At any time during the discounted product term, a landlord can apply to switch to any available Paragon product switch fixed rate without incurring an early repayment charge.

The product comes with a 3% product fee, free valuation and is available to individuals, limited companies and portfolio landlords in England, Scotland and Wales.

Richard Rowntree, managing director of mortgages at Paragon Bank, said: “It’s fantastic to be able to add another product to our range that is available with our track to fix option.

“Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two and we know that many borrowers like the certainty of fixed rate mortgages. With no ERCs for landlords who switch to one of our fixes, track to fix provides a balance of flexibility and certainty.

“Alongside this limited-edition variable rate product, our core range includes fixed rate mortgages and products with varying fee levels, providing a range of solutions for brokers and their clients.”