Landlords will need to select one of the lender’s new discounted Standard Variable Rate (SVR) products, but the facility gives borrowers increased flexibility.
Paragon has also brought fixed rate mortgage products aimed at portfolio landlords, which it defines as those with four or more mortgaged buy-to-let properties.
The term for these products is two years and the initial rate is 4.95 per cent.
The lender added that the discounts for variable rate mortgages have been increased on its 12-month, two and three-year products.
Paragon has also brought out further advance products, with both fixed and discounted variable rate options available.
Select products also have free mortgage valuations and are eligible for houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Paragon: ‘Some borrowers want a balance between flexibility and certainty’
Moray Hulme (pictured), director for mortgage sales at Paragon, said: “We’re delighted to share our refreshed product range with the market, and are particularly excited about the introduction of a ‘track to fix’ feature.
“This allows borrowers to switch from one of our new discounted SVRs to one of our fixed rate products without paying ERCs. This enables our customers to secure the finance they need now, monitor the market and then potentially fix at a rate that works for them.
He added: “We know that the fluidity seen in the market recently means that some borrowers want to strike a balance between flexibility and certainty, which this feature provides.”
