Paragon Bank has launched a limited edition discounted standard variable rate product for landlords, while Vida has cut the rate of its two-year buy-to-let limited edition offer.
Paragon says its two-year deal is available at up to 75% loan-to-value for portfolio landlords and is priced at 4.73%, which is the bank’s standard variable rate less 4.12%.
It is available for single self-contained properties, houses in multiple occupation and multi-unit blocks.
The product also comes with a track-to-fix option, which means that at any time during the discounted deal term, a landlord can apply to switch to any available Paragon product switch fixed rate, without incurring an early repayment charge.
The mortgage is available to borrowers operating through limited companies or as individuals in England, Scotland and Wales.
It carries a 3% product fee and includes free valuations.
Paragon Bank managing director for mortgages Richard Rowntree says: “Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two and we know that many borrowers like the certainty of fixed-rate mortgages.
“With no early repayment charges for landlords who switch to one of our fixes, track-to-fix provides a balance of flexibility and certainty.”
Meanwhile, Vida has reduced the rate of its two-year landlord limited edition offer to 5.04%, from 5.19%, at up to 75% LTV.
The deal is available on the lender’s Vida Tier 48, and comes with a fixed fee of £4,995.
The firm reminds brokers that as this is a limited edition product, it may be withdrawn at short notice.
