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, as well as houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
At 75% LTV, rates start at 5.1%, equivalent to BBR plus 1.35%, with a 1.5% fee option, while 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.
James Harrison, mortgages product manager at Paragon Bank, said: “Since launching our bank base rate tracker range, we’ve seen strong engagement from brokers and their landlord clients. By introducing switch and further advance options, we’re enabling existing customers to access this tracker product when reviewing their borrowing or raising additional funds. This ensures landlords can take a consistent approach across their portfolios, whether they are refinancing or funding further investment.”
Earlier this month, the Bank of England held the base rate at 3.75% for the fourth consecutive meeting of the Monetary Policy Committee (MPC).
Foundation adds expat deals to range
Foundation has expanded its buy-to-let (BTL) range with expat deals while cutting rates across its standard and specialist deals.
The lender said the move reflected both ongoing market conditions and continued demand from landlord borrowers for more choice across a range of property types and borrower profiles, particularly in more specialist areas of BTL.
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.
In addition, the lender is reducing rates across fixed, fixed Green, HMO and HMO green products. Rates across 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 from the rate cuts include:
- F1 two-year fixed 75% LTV, reduced by 0.25%, now at a rate of 4.59% with a 3% fee.
- F1 five-year fixed 75% LTV, reduced by 0.2%, now at a rate of 5.29% with a 4% fee.
- F1 five-year fixed 65% and 75% LTV, reduced by 0.2% and 0.1%, now at rates of 5.69% and 5.89%, both with a 1.5% fee.
- HMO five-year fixed 75% LTV, reduced by 0.2% to 5.44% with a 4% fee.
Grant Hendry, director of sales at Foundation, commented: “These latest additions are about making sure brokers have the right options available, whether they are placing standard buy-to-let business or working across more specialist areas such as HMOs.
“We’re also seeing continued interest in expat borrowing, and it’s important we keep that range competitive while still reflecting wider market movements. At the same time, the rate reductions of various green products are another step in supporting landlords who have improved existing properties or are targeting more energy-efficient investments from the outset.”
