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Both Barclays and Paragon have refreshed their buy to let investment mortgage ranges.
The Barclays revisions include a two-year fix at 60 per cent loan-to-value (LTV) with a 1 per cent product fee. The rate on this product has been reduced from 1.55 per cent to 1.5 per cent.
Barclays fee-free two-year fix for landlords borrowing at up to 60 per cent LTV has also dropped from 2.33 per cent to 2.28 per cent.
Barclays Premier range has also seen cuts, with the 60 per cent LTV five-year product having been reduced from 2.12 per cent to 2.07 per cent. The maximum loan value for this offer is £2m and it includes a £1,795 product fee.
In addition, Barclays has reduced rates on its 75 per cent LTV two-year fixed rate fee-free product for existing customers from 2.59 per cent to 2.49 per cent, while the five-year 75 per cent LTV product for existing customers has been cut from 2.46 per cent to 2.44 per cent. The five-year product comes with a fee of £1,795 and is also only available for existing customers.
Meanwhile, Paragon have also revamped their buy to let offerings.
Their refreshed range includes a choice of two and five-year fixed rate mortgages for portfolio landlords and a selection of five-year products for smaller-scale landlords, with different options for mortgages up to 75 per cent and 80 per cent loan to value (LTV).
Paragon’s portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies or limited liability partnerships and can be used to finance single self-contained units (SSCs), multi-unit blocks (MUBs) or houses is multiple occupation (HMOs).
For MUBs and HMOs at 75 per cent LTV, the refreshed portfolio range includes a two year fixed rate mortgage at 2.95 per cent with a 1.00 per cent product fee, a free mortgage valuation and £400 cashback and a five year fixed rate mortgage at 3.75 per cent with a £999 product fee and a free mortgage valuation for loans up to £500,000.
In the non-portfolio range, new options include five-year fixed rate mortgages with no product fee, no application fee, a free mortgage valuation and £250 cashback at 3.75 per cent on loans up to 75 per cent LTV and at 3.95 per cent on loans up to 80 per cent LTV.
John Heron, director of mortgages at Paragon, commented: ‘The refreshed range gives landlords a wide choice of options to suit their needs depending on the size and complexity of their property portfolio, as well as an opportunity to reduce their up-front costs with a range of cashback and limited up-front fees.’