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Paragon launches new BTL range

Paragon launches new BTL range

Buy-to-let (BTL) lender Paragon Mortgages has announced a new range of fixed rate products for BTL purchases and remortgages.

The products include two- and five-year fixed rate terms.

The latter includes an option available at 3.75% for landlords borrowing up to 75% loan-to-value (LTV) and features interest coverage ratios that start at 125% at 4%.

The two-year fixed rate mortgages on offer include one at 3.25% for lending up to 65% LTV and another at 3.4% for lending up to 75% LTV.

The five-year fixed rate products are aimed at landlords looking for long-term payment stability.

Paragon lends to limited companies as well as private individuals and is willing to lend on more complex properties such as houses in multiple occupation and multi-unit blocks.

John Heron, managing director of Paragon Mortgages, said: “The first quarter is an extremely busy time in the buy-to-let market as landlords review their portfolios and plan for the year ahead.

“The tax changes being introduced in April make it more important than ever for landlords to think ahead and minimise costs where possible.

“These products offer landlords the opportunity to put in place longer-term mortgage finance, while taking advantage of the beneficial impact of today’s record-low market rates.”

Late last year, Paragon announced plans to enter the specialist residential mortgage market and joined SimplyBiz’s secured loans panel.

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