The products are available for portfolio landlords, those with four or more mortgaged properties, as well as purchase or remortgage houses in multiple occupation (HMO), multi-unit blocks and single self-contained properties.
Its five-year fixes at 70 per cent loan to value (LTV) are priced at 6.25 per cent with a three per cent product fee and 6.5 per cent with a two per cent product fee.
Its two-year fixed rates at 75 per cent LTV with 2.5 per cent product fee are priced at 5.89 per cent and 5.99 per cent respectively.
The interest coverage ratio (ICR) for its five-year fixed rate deals is seven per cent and ranges from 7.89 per cent and 7.99 per cent for the two-year fixed rate deals.
The lender added that it had removed the early redemption fee on its two-year discounted variable product, which has a rate of 4.09 per cent, or 3.99 per cent for properties with an Energy Performance Certificate between A and C.
Moray Hulme (pictured), director for mortgage sales at Paragon, said: “We are pleased to introduce these fixed rate products to our range, which complements the discounted variable products we launched last week.
“We think these are attractive products for landlords looking for certainty over the next two or five years. We have also removed the early redemption fee from our two-year discounted variable product, which gives landlords the ability to switch onto a fixed rate if they need to.”
Darlington BS returns to fixed rate mortgage market
Darlington Building Society is re-entering the fixed rate mortgage market with a range of standard and specialist mortgage products.
Fixed rates start from 5.99 per cent and complement the mutual’s existing range of discount mortgage products.
There are a duo of two-year fixed rate standard deals beginning from 5.99 per cent and two specialist products with rates starting at 6.29 per cent.
The lender said that the products are for “borrowers who want to have their circumstances considered by a person, not a computer”.
It added that criteria and eligibility is based on individual circumstances.
