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Both Paragon and Skipton have lowered rates as they look to refresh their buy to let finance ranges for investors.
Paragon announced that it is lowering interest rates, scrapping up-front fees and offering £350 cashback on selected products to refresh its buy to let range.
The new range will feature two and five-year fixed rate mortgages for portfolio landlords and five-year fixed rate mortgages for non-portfolio landlords, with products available at up to 80 per cent LTV. Interest rate reductions range from 10 to 20 basis points.
Portfolio highlights include a five-year fixed rate mortgage at 3.70 per cent for landlords with single self-contained units (SSCs) and one at 3.75 per cent for landlords with houses in multiple occupation (HMOs) or multi-unit blocks (MUBs).
In both instances, landlords benefit from no product fee, no application fee, a free mortgage valuation and £350 cashback, minimising up-front costs and providing a cash injection to help with other expenses.
John Heron, Director of Mortgages at Paragon said: ‘Interest rates on new mortgage products have rarely been as competitive across the market as they are today. By cutting up-front costs and giving landlords flexibility to manage other expenses using cashback, we’re demonstrating our commitment to enabling the widest possible access for customers.’
Meanwhile, Skipton have also moved to refresh their buy to let range.
Skipton two-year fixed rates will now start from 1.58 per cent at 60 per cent LTV with a £1,995 fee and 1.92 per cent up to 75 per cent LTV with a £995 fee.
A five-year fixed rate has been also been reduced to 1.99 per cent at 60 per cent LTV with a £1,995 fee.
Alex Beavis, Skipton’s head of mortgage products, said: ‘We are delighted to introduce this refreshed buy to let range.
At Skipton we want all our customers to feel like they are in a good place by offering new and existing customers competitive rates and the best level of service to ensure they have a quick and positive experience when completing their purchase or remortgage.’