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LBS adds two-year fix to 5.5 times income mortgage; Paragon updates BTL range – round-up

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  • 06/01/2020
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LBS adds two-year fix to 5.5 times income mortgage; Paragon updates BTL range – round-up
The Loughborough Building Society (LBS) has added a two-year fixed-rate product to its range which allows customers to borrow up to 5.5 times their income to secure the loan.

 

The deal comes with a rate of 2.99 per cent and a £999 completion fee. The maximum loan to value is 85 per cent and the maximum loan is £750,000. 

The minimum income requirements are £50,000 for sole applicants and £75,000 for joint borrowers. While there are no restrictions on the applicants’ profession, LBS said these borrowers were likely to have careers that will see incremental rises in future income. 

Ashley Pearson (pictured), business development manager at LBS, said: “I’m pleased to say that after considering the feedback we’ve had from our intermediary panel, we’ve now got both a fixed and discounted option available in this lending segment.” 

 

Paragon refreshes buy-to-let product range  

Paragon has refreshed its range of mortgage products for portfolio and non-portfolio landlords including a reduction on rates on 14 of its products of up to 80 per cent loan to value (LTV). 

The range for portfolio landlords includes fixed rates starting at 2.75 per cent for those looking to purchase or remortgage single, self-contained units (SSCs) and 2.85 per cent for landlords seeking finance for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).  

Discount variable rates start at 2.65 per cent for SSCs and 2.80 per cent for HMOs and MUBs.  

Highlights for portfolio landlords include a five-year and two-year fixed rate at 3.19 per cent and 2.75 per cent respectively. Both rates come with free valuation and £350 cashback.   

Fixed and discount variable rates for non-portfolio landlords start at 3.45 per cent and 2.65 per cent on SSCs.   

Landlords can choose from a range of two and five-year term products with a mix of low – starting at 0.25 per cent – or zero product fees, free mortgage valuations and cashback offers.  

All products are available to individual landlords, as well as those operating in limited companies and limited liability partnerships and include an interest coverage ratio starting at four per cent.  

Moray Hulme, director of mortgage sales at Paragon, said: “In recent years, landlords have had to be more strategic in their approach than ever before and the buy-to-let market has seen a significant increase in portfolio and complex business.  

“This new product range caters for the professional landlord with competitive pricing, low or zero product fees, free valuations and cash back offers.” 

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