Paragon Mortgages has refreshed its buy to let offering for both individual landlords and limited companies this week, while equally adding new stepped fixed-rate deals to its existing buy to let mortgage range. Now including a 2 year fixed rate at 3.65% with a 1.5% product fee, as well as a 5 year fixed rate at 4.49% with a £995 product fee, both at 75% loan to value (LTV), Paragon’s latest deals are currently available for single, self-contained properties only.
Along with this, the lender has decided to add a selection of 6 stepped fixed rate products to its current range. These 5 year fixed rate products come with the potential to either increase in rate every year until the end of a mortgage term, or alternatively decrease dependent on the landlord’s situation and preference.
As many landlords are currently looking to better plan their finances for the future, in wake of the government’s coming stamp duty and tax changes that are slowly edging nearer, Paragon’s latest offering comes as great news to many borrowers on the market.
In line with this, the lender has equally announced this week that it will be launching a range of consumer buy to let products, which will be marketed exclusively under Paragon’s Mortgage Trust brand. Now accepting applications for consumer buy to lets, the specialist sister brand to Mortgage Trust, has launched a live online application system ready for intermediaries to submit from directly. All existing and previously mentioned products in the Mortgage Trust range will also be available to new consumer buy to let customers.
This may impact first-time landlords looking to remortgage a property they have inherited and decided to rent out, or for first-time buyers not choosing to sell their existing home and deciding to rent it out and finance it with a buy to let mortgage instead.