Paragon Bank has recently launched a new range of Limited Edition buy-to-let mortgage products. These products are available to portfolio landlords with four or more mortgaged properties.
One of the options is a two-year fixed rate at 3.40% for landlords wanting to borrow up to 75% loan-to-value (LTV) on Single Self-Contained (SSC) units. Another is a two year fixed rate at 3.60% for those who want to borrow up to 75% LTV on House in Multiple Occupation (HMO) and Multi-Unit Block (MUB) buy-to-let properties.
For landlords looking for a longer-term assurance of cost, this range may be of interest. The Limited Edition range includes a five year fixed rate at 3.74% for borrowing up to 75% LTV on SSC units. Another option is a five year fixed rate at 3.84% up to 75% LTV for borrowing on HMO and MUB properties.
With Paragon’s new Limited Edition buy-to-let range, landlords will have access to a product that provides a free mortgage valuation and the option of cashback. £250 can be claimed back upon the release of funds for a customer who selects a two-year fixed rate mortgage, or £500 for those who opt in for a five-year fixed rate.
When shopping around for such products, it can be worth looking at the extras, in order to determine which provide the best value. Calculating the overall differences in the amount a product will cost due to interest can also help put such offers into perspective.
John Heron, Managing Director of Mortgages at Paragon has commented: “Our new Limited Edition buy-to-let range brings added choice and flexibility for portfolio landlords looking to refinance or expand.
“The addition of cashback provides an extra boost, helping landlords fund the up-front costs associated with arranging finance and enhancing value for this important segment of the market.”
Landlords must meet the specified criteria in order to access these products. An example of this is that the properties in question must meet a minimum E grade or above Energy Performance Certificate (EPC) rating, unless there is an applicable exemption. The ‘Portfolio Mortgages Criteria’ page on the Paragon website goes into more detail.