The four new mortgages are available on single self-contained properties up to 65% of the property’s value, for landlords with at least a 35% deposit.
Two of the products are suitable for landlords with three or fewer mortgaged BTL properties, and the other two are designed for portfolio landlords, with four or more BTL properties.
Each of the mortgages comes with a £2,995 fee and is available to both individual and limited company landlords.
What’s new?
The new rates start at 5.45% for the purchase or remortgage of properties with Energy Performance Certificate (EPC) ratings of A-C.
For properties with an EPC rating of D or E, the rate jumps to 5.5%.
Louisa Sedgwick, mortgages commercial director at Paragon Bank, said: “We’ve launched these limited-edition products to provide landlords with more choice and offer solutions that suit a broader spectrum of customer.
“Our expertise means that we’re sometimes seen as an HMO or multi-unit block lender. While it is true that we do have lots of experience in this space and work with established landlords, we also support newer entrants to the market who may be growing their portfolios with more simple propositions, such as single self-contained properties.
“Offered at a lower loan to value of 65%, these products will be particularly appealing to those that can put down a slightly larger deposit to benefit from lower rates.”
