Paragon offering good rates

Paragon Bank is currently offering landlords reduced rates on its 2-year fixed-rate buy-to-let mortgages, marking its lowest rate in 18 months and reductions of up to 0.35%.

Here are the key highlights of their offer:

  • A new 70% loan-to-value (LTV) 2-year fixed-rate product is available, starting at 3.94% for properties with green A to C Energy Performance Certificate (EPC) ratings.
  • For single self-contained (SCC) properties with EPC ratings of D to E, the rate starts at 3.99%.
  • Homes in multiple occupancy (HMOs) and multi-unit blocks (MUBs) are offered at a rate beginning at 4.19%.
  • This marks Paragon’s lowest 2-year fixed rate in over 18 months, and the product includes a 5% fee.

Additionally, 75% LTV 2-year fixed-rate products with a 3% fee have been reduced by 0.35%, with rates starting at 4.85% for green properties, 4.90% for standard properties, and 5.10% for HMOs and multi-unit blocks.

Louisa Sedgwick, commercial director at Paragon Bank, commented on the current economic climate, stating that while there is still work to be done to stabilize the economy, there is a general sense that rates are decreasing. She noted that landlords are seeking stability through fixed rates, particularly over shorter terms like the two-year period. In celebration of Valentine’s Day, Paragon Bank aims to demonstrate appreciation to its landlord customers by offering their lowest rate on 2-year fixes for new customers in over 18 months, and they have reduced the fee on selected products by 0.35%.

Gavin Richardson, Managing Director MfB Brokers commented “Paragon are a fantastic lender, and whilst this is great news and will no doubt generate interest and activity (especially as they’re unlikely to be around for long), it’s essential borrowers speak to a broker and calculate the total cost of borrowing for the initial mortgage period. Although the headline rates look great, these may not always be the cheapest deals overall once you add the fees!”



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