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Paragon lowers select five-year fixed rates

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  • 13/11/2023
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Paragon lowers select five-year fixed rates
Buy-to-let lender Paragon has lowered rates for six of its five-year fixed rates by up to 0.2 per cent and nil fee options will go up by around 75 per cent loan to value (LTV) from 65 per cent LTV.

Rates will begin from 6.1 per cent for single self-contained properties with an EPC rating between A and C.

For five-year fixed rate purchase or remortgage with an EPC rating of D or E rating, pricing goes up by five basis points and 20 basis points for houses in multiple occupation (HMO) and multi-unit blocks (MUB).

The products go up to 75 per cent LTV, formerly 65 per cent LTV, and interest coverage ratios (ICR) are estimated to align with initial rates.

Paragon has lowered its five per cent fee five-year fixed rate by 0.1 per cent, with pricing starting from 5.15 per cent on the green product, 5.2 per cent on the standard SSC and 5.4 per cent for borrowers purchasing or remortgaging HMO or MUBs.

The products are available up to 75 per cent LTV and the ICR is calculated at 5.5 per cent.

All products include a free valuation and are subject to a £299 application fee.

Louisa Sedgwick, commercial director at Paragon Bank, said: “We’re keen to see our customers benefit from the stability that we’ve seen return to the economy, so we’re pleased to reduce rates across some of our five-year fixed-rate products. With both nil and five per cent fee options available, we are also in a position to provide landlords with more choice.”

She added: “We’re also upping the LTV, from 65 per cent to 75 per cent, on our nil fee products to provide options that will work for more landlords.”

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