Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Paragon Bank Expands Tracker Buy-to-Let Mortgage Range
Paragon Bank has opened its bank base rate (BBR) tracker buy-to-let (BTL) mortgage range to product transfer and further advance borrowers, with early repayment charges (ERCs) over two years. Product transfer trackers are available up to 80% loan to value (LTV), while further advances are offered at up to 75% LTV.
Both loan options are available for single self-contained properties, houses in multiple occupation (HMOs), and multi-unit blocks (MUBs). At 75% LTV, rates start at 5.1% (BBR plus 1.35%) with a 1.5% fee, and a 0.75% fee alternative is available from 5.47% (BBR plus 1.72%). For HMOs and MUBs, rates start from 5.45% (BBR plus 1.7%) with a 1.5% fee, or 5.82% (BBR plus 2.07%) with a 0.75% fee. A zero-fee alternative is available at 80% LTV on a 12-month term for product transfers. All other deals are offered over a two-year term and include early repayment charges of 2% in year one and 1% in year two.
Earlier this month, the Bank of England held the base rate at 3.75% for the fourth consecutive meeting of the Monetary Policy Committee.
Foundation Home Loans Introduces Expat Buy-to-Let Deals and Rate Cuts
Foundation has expanded its buy-to-let range with new expat deals and has reduced rates across its standard and specialist products. Property Plus Expat two- and five-year products are available at 75% LTV with rates of 6.39% and 6.49%, both with a 2% fee.
The lender has also reduced rates across fixed, fixed Green, HMO, and HMO green products. Rates for key F1 products, for borrowers with an almost clean credit history, have been reduced by up to 0.35%, with rates now starting at 4.59%. Highlights include the F1 two-year fixed at 75% LTV, reduced by 0.25% to 4.59% with a 3% fee, and the F1 five-year fixed at 75% LTV, reduced by 0.2% to 5.29% with a 4% fee. The HMO five-year fixed at 75% LTV has been reduced by 0.2% to 5.44% with a 4% fee.
These changes provide additional options for landlords and brokers, particularly those working with expat clients or seeking more competitive rates for specialist property types.
Source: Mortgage Solutions