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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...
Gatehouse Bank names new direct adviser
Gatehouse Bank has appointed Robert Siddall (pictured above) as a direct adviser...
British Business Bank increases facility with Simply to £180m
Non-bank lender Simply has received a third facility of £60m from the British Business Bank under the latter’s ENABLE funding programme...
OakNorth provides facility for cloud platform provider acquisition
OakNorth has provided a loan to managed service and cloud platform provider Oncore IT for the acquisition of Fuse Technologies...
Monzo to launch first USA accounts this summer
Monzo has announced it will be launching its first accounts in the USA this summer...