Paragon lowers rates on 14 products

Paragon has announced it is lowering rates on 14 different products across its range of mortgages up to 80% LTV.

The specialist bank and buy-to-let (BTL) lender said its range for portfolio landlords – those with four or more mortgaged properties – will include fixed rates starting at 2.75% for landlords seeking to purchase or remortgage single, self-contained units (SSCs), and at 2.85% for those seeking finance for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).

Paragon revealed its discount variable rates will start at 2.65% for SSCs, and 2.80% for HMOs and MUBs. The changes for portfolio landlords also include a five-year and two-year fixed rate at 3.19% and 2.75% respectively, both with free valuation and £350 cashback.

For non-portfolio landlords, the lender revealed its fixed and discount variable rates will start at 3.45% and 2.65% on SSCs.

Paragon suggested its increase in portfolio and complex BTL business over the past two years is set to continue in 2020.

Paragon director of mortgage sales, Moray Hulme, said: “In recent years, landlords have had to be more strategic in their approach than ever before, and the BTL market has seen a significant increase in portfolio and complex business.

“This new product range caters for the professional landlord with competitive pricing, low or zero product fees, free valuations and cash back offers.

“We’re excited to build on the momentum of a strong 2019, where we introduced a new Intermediary Portal and increased our proportion of lending to the professional landlord community, with this new range, including lower rates on 14 products.”

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