"The product range caters for different types of landlord, whether they be limited companies or individuals"
In addition to the new products, the lender also confirmed that it has refreshed its existing range.
Included in the new products are two-year fixed rates starting at 3.40% with a 1.50% product fee at 65% LTV for single self-contained units, and 3.75% with a 1.50% product fee at 65% LTV for HMOs and multi-unit blocks.
Three new five-year fixes are available from 4.20% with a 1.50% product fee at 65% LTV for single self-contained properties – for both individual and limited company landlords.
Paragon's stepped fixed rate products are included in the range. The five year fixed rate products can either increase in rate each year until the end of the product term, or decrease dependent on the landlord’s preference.
John Heron, Managing Director of Paragon Mortgages, said: “We have re-dated our existing product range and then added six new fixed rate products. The product range caters for different types of landlord, whether they be limited companies or individuals.
The stepped rate products have been created to allow landlords that extra flexibility with their financial planning. With tax liabilities increasing from April 2017, a stepped rate product which moves from a higher rate to a lower rate could help landlords plan for a rise in their tax bill. However, intermediaries will need to talk to their landlord customers to ensure they fully understand how these products work and whether they would be suited to their circumstances.”
