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Specialist buy to let lender Paragon have refreshed their buy to let product range for the new year.
The refreshed range includes mortgage products for portfolio and non-portfolio landlords for the new year.
The changes include lower rates on 14 different products across their range of mortgages up to 80 per cent loan-to-value.
The refreshed new year range for portfolio landlords – those with four or more mortgaged properties – includes fixed rates starting at 2.75 per cent for those looking to purchase or remortgage single, self-contained units (SSCs) and 2.85 per cent for landlords seeking finance for houses in multiple occupation (HMOs) and multi-unit blocks (MBUs). Discount variable rates start at 2.65 per cent for SSCs and 2.80 per cent for HMOs and MUBs.
Highlights for portfolio landlords include a five-year and two-year fixed rate at 3.19 per cent and 2.75 per cent respectively. Both rates come with free valuation and £350 cashback.
Fixed and discount variable rates for non-portfolio landlords start at 3.45 per cent and 2.65 per cent on SSCs.
Landlords can choose from a range of two and five-year term products with a mix of low, starting at 0.25 per cent, or zero product fees, free mortgage valuations and cash back offers. All products are available to individual landlords, as well as those operating in limited companies and limited liability partnerships and include an interest coverage ratio (ICR) starting at 4.00 per cent.
The increase in portfolio and complex buy to let business seen over the past two years is set to continue in 2020, according to Paragon. Complex completions increased from 79 to 89 per cent of new business in 2019, reflecting the long-standing expertise that Paragon has in this specialised segment of the buy to let market.
Moray Hulme, Director of Mortgage Sales at Paragon, said: ‘In recent years, landlords have had to be more strategic in their approach than ever before and the buy to let market has seen a significant increase in portfolio and complex business. This new product range caters for the professional landlord with competitive pricing, low or zero product fees, free valuations and cash back offers.
‘We’re excited to build on the momentum of a strong 2019, where we introduced a new Intermediary Portal and increased our proportion of lending to the professional landlord community, with this new range, including lower rates on 14 products.’