Buy-to-let lender Paragon Bank has released four limited edition five-year fixed rates at 65% loan to value (LTV).
Of the four limited edition products, two are suitable for landlords with three or fewer mortgaged buy-to-let properties with the remaining two for landlords with four or more buy-to-let properties.
The limited-edition products are available on single self-contained properties up to 65% LTV and come with a £295 fee.
Rates begin from 5.45% for purchase or remortgage of properties with an EPC rating between A and C and homes with an EPC rating of D or E can secure a rate of 5.5%.
Interest coverage ratios are calculated in line with initial rates and the deals are available for individual and limited company applications in England, Scotland and Wales.
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 houses in multiple occupation (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 LTV of 65%, these products will be particularly appealing to those that can put down a slightly larger deposit to benefit from lower rates.”
Earlier this month, Paragon lowered buy-to-let rates in its core range by up to 0.15% and added six products.
West One Loans cuts buy-to-let rates and ups max loan
West One Loans will lower standard five-year fixed rates between 0.05% and 0.15% in its first charge buy-to-let range.
The lender will reduce pricing by around 0.2% and 0.25% for standard two-year fixed rates, specialist two-year fixed rates above or next to commercial and specialist two-year fixed rates for small HMOs and multi-unit freehold blocks (MUFB).
Specialist five-year fixed rates for small HMOs and MUFBs will also fall, while W2 and W3 products will fall by 0.15% and 0.1% respectively and two-year fixed rates will now start from 2.84% with five-year fixed rates starting from 4.29%.
West One Loans will increase the maximum loan size to £3m gross for standard and specialist product range and will have “more flexibility on applications on behalf of foreign nationals and expats”.
Andrew Ferguson, managing director, buy-to-let at West One Loans, said: “I’m so pleased to be able to announce these changes to the market. At West One accessibility, flexibility and convenience are a crucial part of what we do day in, day out for our brokers and borrowers.
“Providing the most competitive, convenient and cost-effective products is always at the front our mind and with these latest rate reductions and changes in criteria we are living up to that ethos. In that spirit, we expect to be able to announce further product enhancement and offers for our customers in the not-too-distant future.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
