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Paragon refreshes fixed rate BTL products

John Heron

Paragon Mortgages has introduced a series of changes to its fixed rate buy-to-let products as it looks to help landlords cope with the new tax changes.

The lender has launched a five-year fixed rate at 3.75% with a 1.5% product fee at 75% LTV for single, self-contained units and a five-year fixed rate at 3.85% also with a 1.5% product fee at 75% LTV for HMOs and multi-unit blocks.

Paragon’s five-year stepped fixed rate is 3-4% with a 2% product fee at 75% LTV for each property type.

Interest coverage ratios on these products remain unchanged, starting at 125% at 4%, graduated to reflect each landlord’s individual tax status.

Paragon’s short-term range of two-year fixed rate products has also been refreshed and includes a two-year fix at 3.2% for lending up to 65% LTV and another at 3.3% for lending up to 75% LTV.

“Our range of mortgage products is designed with a diverse market in mind, catering for different types of landlords with individual requirements,” said John Heron, managing director of Paragon Mortgage (pictured above).

“With the tax changes now being phased in, and continued challenges for landlords over the long term, these products support long-term planning and reflect the trend we’ve seen of a preference towards longer-term fixed rates.”

Paragon’s changes have come after it announced last week that it had launched proc fees across its full range of switch products.

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