Paragon has lowered fixed rates across ten buy-to-let mortgages by up to 0.45 per cent.
The cuts apply to two and five-year fixes for landlords who are purchasing or remortgaging in their own name or through a limited company.
All the products come with a free valuation and with zero fees and/or up to £750 cashback.
For portfolio landlords, the five-year fixed rate was cut by 0.45 per cent to 3.75 per cent, at 75 per cent loan to value (LTV). The product comes with no fee and £750 cash back.
The two-year fix for portfolio landlords was cut by 0.05 per cent to 3.20 per cent, with one per cent product fee and £750 cashback.
The five-year rate is available on single self-contained properties (SSCs) and the two-year on homes in multiple occupation (HMOs) and multi-unit blocks (MUBs).
Non-portfolio clients were offered a five-year fixed rate of 2.99 per cent at 70 per cent LTV, down 0.25 per cent. The product fee has also been reduced by 0.5per cent to 1.5 per cent.
Also for non-portfolio clients is a five-year fix of 3.65 per cent at 75 per cent LTV, down 0.29 per cent. The product fee is zero and cashback £350.
Both these five-year rates are available on SSCs.
Moray Hulme, director of mortgage sales at Paragon (pictured), said: “The extension of the stamp duty holiday means we’re likely to see further increased purchase activity over the coming months.
“Additionally, a significant number of landlords opted for five-year fixed rate products as a result of the three per cent stamp duty surcharge in 2016. We expect an increased focus on remortgage activity as these mortgages mature.
“Landlords are adept at responding to the market and we aim to support this by developing competitive options for those modifying their portfolios in line with current conditions,” Hulme said.
Landbay goes sub-three per cent
Landbay launched what it claimed was the country’s only below-three per cent five-year fixed rate buy-to-let (BTL) mortgage for limited companies.
The new rate of 2.99 per cent is available up to 50 per cent loan to value (LTV) on standard properties with loan sizes up to £1m.
“This should be positive news for brokers and landlords. We are at the forefront of driving down rates and making buy to let ever more affordable at at time when landlords need it most,” said Paul Brett, managing director at Landbay Intermediaries.