"Recent UK Finance figures revealed significant growth in buy-to-let purchase and remortgage lending. This suggests that landlords are feeling more confident and actively expanding their portfolios, perhaps targeting higher-yielding stock or improving the properties they already own."
- Russell Anderson - Paragon Bank
Paragon Bank has announced that it has enhanced its range of buy-to-let mortgages with two new products available at up to 80% loan-to-value. Additionally, there has also been a rate reduction on all 70% and 75% LTV products by 10bps for single self-contained properties, as well as the removal of application fees from 75% LTV products with a 3% product fee.
The new 80% LTV products are available for purchasing or remortgaging SSC properties with EPC ratings of A-C. With the option to fix rates over two- and five-year terms, both products are priced at 6.14% with nil product fee and a £299 application fee.
“Recent UK Finance figures revealed significant growth in buy-to-let purchase and remortgage lending," explained the bank's commercial director of mortgages, Russell Anderson. "This suggests that landlords are feeling more confident and actively expanding their portfolios, perhaps targeting higher-yielding stock, or improving the properties they already own.
He added, “Expanding our range with buy-to-let mortgages available on SSCs at up to 80% LTV supports this, providing landlords who want to borrow more with additional options.”
Rate reductions
Paragon has also taken 10bps off 70% and 75% LTV products for SSCs with EPC ratings of A-C. Two-year fixed rates start at 3.24%, with a 5% product fee and a £299 application fee. At 75% LTV, two-year fixes are priced from 4.24% with a 3% product fee and nil application fee. When fixing over five years, rates start at 4.74% with a 5% fee and a £299 application fee.
James Harrison, Paragon Bank Mortgages Product Manager, added: “Reducing rates by 10bps on select SSC mortgages provides some great value options for landlords. Also removing application fees on our 75% LTV 3% product fee range will reduce up-front borrowing costs, offering additional value for landlords, particularly those with larger portfolios.”
