The headline rate applies to a product with a five per cent fee and is available for the purchase or remortgage of a single self-contained (SSC) property with an EPC rating of A to C.
The rate rises to 4.94 per cent for homes with a lower efficiency rating and 5.14 per cent for houses in multiple occupation (HMO) and multi-unit blocks (MUB).
There are also options with no fee and £750 cashback on selected mortgages. The rate is 5.94 per cent for properties with an EPC rating of A to C, 5.99 per cent for a standard property, and 6.19 per cent for HMO and MUB.
The products are available at 75 per cent loan to value (LTV) and open to individual borrowers or those borrowing through a limited company.
Louisa Sedgwick (pictured), commercial director at Paragon Bank, said: “Speaking to both brokers and landlords, we know that many are more positive than they were during last year and we’re already seeing this reflected in business levels.
“This reinforces our belief that landlords want to invest in the sector in response to continued strong levels of tenant demand. We’re aiming to support this by providing landlords with more choice, offering five per cent and nil fee products as well as options that include £750 cashback, which can be used to cover legal expenses, for example.”
Quantum Mortgages adds limited edition option
Quantum Mortgages has launched a limited edition five-year fixed buy-to-let product with a rate of 4.99 per cent.
This is available on single unit properties at 75 per cent LTV with loan sizes of between £100,000 and £1.5m.
The product’s completion fee can be added to the loan and the ICR is set at 125 per cent or 145 per cent for higher-rate taxpayers.
Applicants must have at least one year of experience in the buy-to-let market and have at least one existing buy-to-let property. The number of existing buy-to-let properties is capped at three.
Quantum will accept standard houses, bungalows, leasehold flats with at least 85 years remaining on the lease and new-build flats up to 75 per cent LTV, among other properties.
It is available across England and Wales.
Harsha Dahyea, head of sales at Quantum Mortgages, said: “The single unit exclusive edition is a game-changer for Quantum Mortgages. With a competitive 4.99 per cent interest rate and flexible terms, it provides a unique opportunity to maximise returns on investment, however, this is for a very limited time and when it’s gone, it’s gone.”
