Paragon Bank, the specialist lender, has launched a new five-year fixed rate as part of its BTL range, aimed at landlords considering higher value properties.
This new 75% LTV product has an interest rate of 3.5%, it includes a free mortgage valuation and has a fixed produced fee of £3,500. A £299 application charge applies.
Paragon are offering this product on on single self-contained (SSC) properties with loans between £350,000 and £1m.
Moray Hulme, Director of Mortgage Sales at Paragon, said: “This new product complements our existing range and provides landlords with more choice in the higher loan space.
“Through listening to introducers, we know that offering a flat fee on a higher maximum loan is competitive and presents good value for borrowers.
“We know that there is currently strong demand for properties across the pricing spectrum, so this product will be a superb option for landlords who are expanding their portfolios through higher value purchases.”
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Earlier this month, Paragon revealed that its full-year results show specialist buy-to-let lending accounted for 93% of all BTL activity.