Paragon Bank, the specialist lender, has expanded its buy-to-let range with two new, limited edition products. These are for HMOs, single self-contained units and multi-unit blocks.
Two and five-year fixed rate terms are available, starting at 2.65% and 2.99% respectively, both including free mortgage valuations and £750 cashback.
Both of these mortgages, offered at 75% LTV, are for experienced landlords who are purchasing and remortgaging BTL properties, as either individuals or via limited companies.
There is a 1.00% product fee for the two-year fixed rate term, with APRC set at 4.10%. For the five-year fix, there is a 2.00% product fee and APRC is set at 2.00%.
Richard Rowntree, managing director for mortgages at Paragon Bank, said: “We’re offering two products that are fairly unique in that the extremely competitive rates are available not only on single self-contained units but also HMOs and multi-unit blocks.
“Add to this, free mortgage valuations and £750 cash back, and we have two fantastic mortgages that we expect to be very popular, especially given their limited availability.
“In addition to the strong demand for rented property that is continuing to drive purchases, we know there is a need for keenly priced remortgage products. This is due to the significant numbers of landlords who have deals maturing, while others may want to take advantage of house price rises to raise capital for improvements; expanding our range of limited-edition mortgages will help to support landlords in these situations.”
Original article featured here…
Paragon recently published figures showing the advantages of smaller university towns or cities for student buy-to-let landlords, areas with more HMOs and fewer purpose built student accommodation blocks.