Paragon launches new limited edition and switch buy-to-let products

The limited edition products are available for portfolio landlords purchasing or remortgaging single self-contained (SSC) properties. Fixed for five years, rates start at 2.67% at 50% LTV mortgage and 2.77% at 60% LTV, each increasing by 10 basis points for homes rated EPC D and E.

For both portfolio and non-portfolio landlords who are looking to switch to a new mortgage, Paragon has launched four 75% LTV products. Two-year fixed rates start from 3.00% and five-year fixes from 3.08%.

All four limited edition products feature no application fees and are offered with free valuations and £750 cashback. They include an interest coverage ratio (ICR) of 4.00%.

Switch products also have no transfer fees. ICR is set at 4.00% on five-year loans and 5.50% on two-year products.

Moray Hulme, director for mortgage sales said: “Since the end of lockdown, we’ve seen an increasing population of landlords who do not wish to leverage their properties as much as they may have done previously. As a responsible lender, we have launched some 50% and 60% LTV products to cater for this market and reward this prudent approach.

“In addition, we made a commitment to keep our switch products in line with our core range and so this is an extension of that promise, matching the remortgage only products we launched last week.”