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Paragon Bank re-launches limited-edition buy-to-let products

Gatehouse HMO

Paragon Bank has re-launched two limited edition products for Houses in Multiple Occupation (HMOs) and multi-unit blocks.

The mortgages, both offered at 75% loan-to-value (LTV), span two and 5-year terms with rates fixed at 2.85% and 3.34% respectively.

Both products include a free mortgage valuation and £750 cashback. The two-year finance has a 1.00% product fee and APRC is set at 4.20%, while the five-year product has a 2.00% product fee with APRC charged at 4.10%.

In addition, for a limited time, the specialist lender is also only charging one application fee on multiple property applications.

Moray Hulme, Paragon Bank director of mortgage sales, said: “We’ve seen that despite the changes to the Stamp Duty holiday that came into effect at the end of June, the market for rental properties is very much still an active one.

“A key driver of this is likely to be the strong tenant demand which we have now seen for a sustained period.

“We received an overwhelming response when we launched these limited-edition products previously and have now added a limited time deal where only one application fee is charged regardless of how many properties are purchased.

“In this, we feel we have a really competitive offering that should appeal to investors interested in making the right additions to their portfolios.”

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