Paragon Bank has added a range of limited edition fixed rate products to its buy-to-let (BTL) mortgage range. Non-portfolio landlords with fewer than four BTL properties can choose between two-year fixed rate mortgages that are available at up to 70% LTV. Rates on Paragon’s green mortgage product, which is available to purchase or remortgage properties with EPC ratings of A-C start at 4.85%, with interest coverage ratio calculated at 6.85% and a 5% fee. The five-year fix is also available at up to 75% LTV, with interest and ICR calculation rates starting at 6.05% on the green mortgage, increasing by 0.05% for properties with EPC ratings of D-E. For HMO and MUB properties, initial rates start at 6.19% and 6.30% for two and fiveyear fixes respectively.
Santander has further reduced interest rates on its residential fixed rate mortgage products, with rates falling by up to 0.2%. The bank had reduced rates on certain products just a week ago, with rates falling by as much as 0.29%. Santander’s 90% LTV five-year fixed purchase mortgage has fallen to 5.84%, down form 5.99% with no product fee. The 75% five-year and 85% two-year fixes, which both include a £999 product fee, now stand at 5.2% and 5.99% respectively. There are also new first-time buyer products, which include 90% LTV two- and five-year fixed rate residential purchase mortgages with no purchase fees, which have been launched at 6.54% and 5.84% respectively, with £500 cashback.
LendInvest has launched automatic decisions in principle (DIPs) in its latest platform update, speeding up the application process for its residential mortgage range. The automated DIP process means that cases that meet certain criteria on application will be accepted automatically, rather than requiring an underwriter to review the initial application, saving the broker and borrower time. These instant decisions will be applicable for tier zero and tier one mortgage applications. The residential mortgage product is designed to serve borrowers with multiple sources of incomes, the self-employed and small-business owners, with a bespoke product set to support key workers.
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IHT receipts total £4.39bn in six months to September
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