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Paragon refreshes BTL mortgage range

Martin Greenland | 07:29 Wednesday 9th January 2019

Paragon has refreshed its buy-to-let range with the introduction of new products for both portfolio and non-portfolio landlords.

The specialist bank has introduced five-year, fixed rate mortgages for portfolio landlords at up to 75% LTV with no product fee, no application fee, a free mortgage valuation and £250 cashback.

These new five-year mortgage products include an initial interest rate of 3.8% for portfolio landlords looking to purchase or remortgage single, self-contained units (SSCs) and 3.9% for landlords seeking finance for HMOs and multi-unit blocks.

All products are available to individual landlords, as well as those operating in limited companies and limited liability partnerships and include an interest coverage ratio starting from 4%.

“The cost certainty that a longer-term fix provides will be an appealing prospect to many as the Brexit process continues into 2019 and landlord taxation takes the next step up,” said John Heron, director of mortgages at Paragon (pictured above).

“By adding products into our range that remove many of the upfront costs associated with arranging finance, we aim to give landlords more flexibility to decide the best route forward for their business.”

In November, Paragon reported a 28.9% increase in its BTL lending pipeline for the year ended 30th September 2018.

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