Paragon launches new five-year fixes

Paragon Bank has launched new five-year fixed rate buy-to-let mortgages, featuring reduced rates and fees, alongside the re-pricing of its Standard Variable Rate (SVR).

The specialist lender is replacing four of its five-year fixed rate mortgages with new products that feature lower rates and fees and are offered with £350 cashback. The buy-to-let mortgages are available for portfolio landlords - those with four or more mortgaged buy-to-let properties – at up to 75% LTV.

When borrowed on properties with EPC ratings of A-C rates are priced at 5.20% with a 3.00% fee or 5.40% with a 2.00% fee. On properties rated EPC D or E rates are 5.25% with a 3.00% fee or 5.45% with a 2.00% fee.

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

Paragon has also increased its Standard Variable Rate from 7.85% to 8.35% to reflect the recent rise in the base rate of interest by the Bank of England.

Moray Hulme, director for mortgage sales at Paragon, said: “We’re starting the new year by replacing four of our five-year fixes with mortgages that have lower headline rates as well as reduced fees. Available at up to 75% LTV, these are competitive options for portfolio landlords who are either purchasing in response to strong tenant demand or remortgaging and looking for some certainty.”