Paragon Bank has reduced its buy-to-let (BTL) mortgage rates by up to 50 basis points with pricing now starting at 3.64%.
This applies to two- and five-year fixed products with 3%, 5%, £3,995 and no-fee options. The products are available for purchase and remortgage up to 60%, 70% and 75% loan to value (LTV).
This includes a two-year fix at 70% LTV with rates starting at 3.64% for single self-contained (SSC) properties with an energy performance certificate (EPC) rating of A to C. There is a 5% initial fee and £299 application fee.
At 75% LTV, there is a five-year fix with rates starting at 5.55% for SSC properties rated EPC A to C with a £3,995 fee, £299 application fee and £750 cashback.
Paragon Bank has also added a limited edition five-year fix at 65% LTV, starting at 4.59% for SSC properties rated EPC A to C, with a 5% initial fee and £150 application fee.
Rates for properties with an EPC rating of D or E are 0.05% higher, or 0.25% more for houses in multiple occupation (HMO) and multi-unit blocks (MUB).
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All products are available for individual and limited company applications in England, Scotland and Wales.
James Harrison, product manager at Paragon Bank, said: “The economic uncertainty surrounding the Budget has largely subsided, helping to bring swap rates down. Passing this on to our customers, we’ve reduced rates across a wide range of buy-to-let mortgages.
“The range refresh sees us offer competitive rates across different fee options and products available at 65%, 70% and 75% LTV. A selection of our products benefit from £750 cashback, with others offering a reduced application fee of £150.”
Accord lowers resi and BTL rates
Accord Mortgages has made another round of rate reductions to residential and BTL borrowers.
This is the second time this month that the lender has adjusted rates, and the recent changes include reductions of up to 0.1%.
The largest cut has been made to Accord Mortgages’ 10-year fixed rate, while five-year fixed rates are falling by 0.06% and select two-year fixed rates by 0.04%.
At 75% LTV, there is a fee-free two-year fix for purchase, which has gone down from 5.13% to 5.09%. This has £500 cashback and a free standard valuation.
There is also a five-year fixed remortgage at 85% LTV, which has been cut from 5.11% to 5.05%. This has a £495 fee, free standard valuation and remortgage legal service.
At 95% LTV, a two-year fixed purchase product with a £495 fee has been reduced from 6.21% to 6.17%. This product offers £250 cashback and a free standard valuation.
Accord Mortgages has reduced BTL rates by 0.05%, including a fee-free two-year fix for purchase and remortgage up to 60% LTV, which has been cut from 5.14% to 5.09%.
There is also a three-year fixed remortgage product available up to 65% LTV, which has fallen from 4.89% to 4.84%. This has a £995 fee, free standard valuation and remortgage legal service.
Up to 75% LTV, Accord Mortgages has lowered the rate of a five-year fixed remortgage from 4.84% to 4.79%. This has a £1,995 fee, free standard valuation and £250 cashback.
Gemma Hyland, mortgage product manager for Accord, said: “We’re so pleased to be able to trim rates again for the second time this month, responding to changes in market conditions.
“We’ll continue to closely monitor market developments as we approach the end of the year and into next, to ensure we’re providing the best possible value for our brokers and all of their clients.”
