Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Paragon Bank Expands Buy-to-Let Tracker Mortgage Range
Paragon Bank has expanded its tracker buy-to-let mortgage range, introducing new switch and further advance products for existing customers. The new offerings are available for single self-contained properties, houses in multiple occupation (HMOs), and multi-unit blocks (MUBs).
The switch products are available up to 80% loan-to-value (LTV), while further advances are offered up to 75% LTV. For loans at 75% LTV, rates start from 5.1% (base rate plus 1.35%) with a 1.5% fee. An alternative option with a 0.75% fee is available from 5.47% (base rate plus 1.72%).
For HMOs and MUBs, rates start from 5.45% (base rate plus 1.7%) with a 1.5% fee, and a 0.75% fee option is available from 5.82% (base rate plus 2.07%). In the switch range, Paragon has also launched an 80% LTV 12-month tracker with no fee. All products are available on a two-year tracker term, except for the 80% LTV switch option.
Early repayment charges apply to these products, set at 2% in the first year and 1% in the second year.
These changes may be relevant to letting agents and inventory clerks working with landlords who are considering refinancing or expanding their property portfolios.
Source: Mortgage Strategy