Paragon Bank has reduced rates on multiple buy-to-let (BTL) products, now offering rates starting at 4.19% for landlords purchasing or remortgaging single self-contained properties EPC rated A-C, available up to 70% LTV. For properties rated D-E, the rate increased by 5 bps when financing homes, with a 5% product fee across the products. Paragon has also reduced five of its five-year fixed rate mortgages, with rates now starting at 4.69% for SSC properties with EPC A-C, 4.74% for EPC D-E, and 4.94% when borrowed on HMOs and MUBs. These products are available at up to 70% LTV, with a 7% product fee. The firm has also launched a £2,995 fee product, with rates starting at 5.94% for EPC A-C, 5.99% standard and 6.19% for HMO/MUBs.

Newcastle Intermediaries has made reductions of up to 0.25% on its interest only proposition. The reduced rates include a five-year fixed-rate available at 5.55%, with early repayment charges (ERC) of 5% until April 2026, 3% until April 2027 and then reducing 1% every year after that. A two-year fixed rate at 5.85% is also available, with ERCs of 2% and 1% until 2025 and 2026 respectively. Both interest only products are available up to 75% LTV, with an additional 5% LTV available to be secured on a repayment basis. They come with a £1,499 product fee and offer an overpayment facility of 10% each year plus additional monthly repayments of £499.99.

Aspen Bridging has taken a no search indemnity on a block of part-finished flats to provide a £810,000 no valuation facility in 12 days to keep a developer’s project on-track. Representing 71% LTV, the funds will be used to finish the build of four two-bedroom flats in a former terraced property in Cromer, Norfolk, as well as raise capital towards the devleoper’s next development. Aspen stepped in after the developer had become frustrated with another lender which was not moving their loan application forwards. Aspen used a no search indemnity to complete the deal. In line with its one-person-per-case customer service philosophy, the case was taken from start to finish by underwriter, Richard Tweddell, and was completed on the lender’s stepped rate starting at 0.65% over 12 months.

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