Paragon Bank has introduced a £750 cashback incentive to all of its five-year fixed buy-to-let (BTL) mortgages.
The lender has also launched 3% fee options, meaning Paragon Bank’s five-year fixes have 3%, 5% and no-fee options up to 75% loan to value (LTV).
The nil-fee products were launched at the start of this month. The lender said these changes broadened options for landlords.
The changes apply to products for purchase and remortgage.
Rates for the 3% fee product start at 5.14% for properties with Energy Performance Certificate (EPC) ratings of A-C, up to 5.39% for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
Interest coverage ratios (ICRs) are calculated at the product rate.
The mortgages are available to individual and limited company borrowers in England, Scotland and Wales and include a free valuation.
James Harrison (pictured), mortgages product manager at Paragon Bank, said: “After listening to brokers, we’ve introduced £750 cashback to our purchase and remortgage five-year fixes, helping to offset application or legal fees.
“We’re also responding to changes in the market – as interest rates have started to reduce, products with lower fees have become more popular. Therefore, we’ve added a 3% product fee option to complement our nil-fee and 5% fee five-year fixed-rate range.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
