Paragon Bank has launched three limited edition five-year fixed-rate buy-to-let mortgages, with rates from 5.35%.
Landlords purchasing single self-contained properties with EPC ratings of A-C can secure finance at up to 65% loan-to-value (LTV) with interest fixed at 5.35% for five years, increasing by 5bps to 5.40% on homes with lower energy ratings of D or E. Interest coverage ratios (ICR) are calculated at 5.50% on both products.
The lender has also added a 65% LTV, five-year fixed rate option for houses in multiple occupation (HMO) and multi-unit blocks (MUB) at 5.60%. The ICR rate for these products is also set at 5.60%.
The limited edition buy-to-let mortgages come with a 5% fee and are available for portfolio landlords – those with four or more mortgaged buy-to-let properties – applying as individuals or within limited company structures in England, Scotland and Wales.
Paragon Bank commercial director Louisa Sedgwick comments: “We know that portfolio landlords remain active in the market, with many having built up good levels of equity across their portfolios. We’ve launched these limited edition five-year fixed-rate mortgages, available at up to 65% LTV, to provide these landlords with competitively priced options.
She adds: “These complement the two-year fixed-rate mortgages we recently brought to the market, offering landlords the certainty of fixed interest rates over two popular terms.”
