Paragon Bank has cut the rate of the limited edition, five-year fixed-rate portfolio landlord loan it launched two weeks ago by 15 basis points.
Louisa Sedgwick
The specialist lender says its offer, available at up to 75% loan-to-value, with a 5% fee, now starts at 5.60%.
It adds that the 5.60% rate is for the purchase or remortgage of green properties with energy performance certificate ratings of A to C.
This rises to 5.65% for single self-contained properties and 5.85% for houses in multiple occupation and multi-unit blocks.
The firm says interest coverage ratios are calculated at the same rates as initial interest rates, adding that each of the three mortgages includes a free valuation.
The offer, launched late last month, is available to landlords with four or more buy-to-let mortgaged properties in England, Scotland and Wales, operating through limited companies or as individuals.
Paragon Bank commercial director Louisa Sedgwick says: “We recently reduced rates on our five-year fixes and with the swaps market continuing on its recent run of relative stability, we’re in a position to pass this on to customers, further reducing rates on our 5% fee products.
“To reiterate what I said when we launched these now reduced limited-edition products, the fluidity that has characterised the market this year means that lenders sometimes have to respond to abrupt changes so products may not be available for long.”
