Buy-to-letNews

Paragon cuts buy-to-let rates

Paragon has reduced rates within its buy-to-let mortgage range, as well as removed up-front fees and launched a £350 cashback on selected products.

Interest rate reductions range from 0.01% to 0.02%, while products are available at up to 80% loan-to-value (LTV).

John Heron (pictured), director of mortgages at Paragon, said: “Interest rates on new mortgage products have rarely been as competitive across the market as they are today.

“By cutting up-front costs and giving landlords flexibility to manage other expenses using cashback, we’re demonstrating our commitment to enabling the widest possible access for customers.”

There’s a 5-year fix at 3.70%, cut from 3.80%, for landlords with single self-contained units (SSCs), and a 3.75%, down from 3.75%, for landlords with houses in multiple occupation (HMOs) or multi-unit blocks (MUBs).

In both instances, there’s no product fees, no application fee, a free mortgage valuation and £350 cashback, previously £250 cashback.

 

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