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Paragon unveils limited-edition deals; Gen H cuts rates – round-up

  • 19/02/2024
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Paragon unveils limited-edition deals; Gen H cuts rates – round-up
Paragon has brought out six limited-edition five-year fixed rate deals for portfolio landlords available up to 65 per cent loan to value (LTV).

Pricing begins from 4.65 per cent for portfolio landlords looking to buy single self-contained homes with an Energy Performance Certificate (EPC) rating of between A and C, and goes up to 4.7 per cent for properties with lower EPC ratings.

For portfolio landlords looking at buying or remortgaging houses in multiple occupation (HMO) or multi-unit blocks (MUBs) can secure rates at 4.9 per cent.

The deals are offered with a five per cent fee, with an interest coverage ratio (ICR) calculated at five per cent.

The limited-edition products also have a trio of nil-fee options, priced at 5.7 per cent for a green mortgage, 5.75 per cent for homes with an EPC rating of D or E and 5.595 per cent HMO and MUBs.

ICRs are calculated in line with these initial rates.

Louisa Sedgwick, commercial director at Paragon Bank, said: “These limited-edition products are priced at around 25 basis points lower than our core range and provide more options for landlords looking to expand their portfolio or remortgage existing properties.

“We’re enhancing our range at 65 per cent loan to value (LTV) to provide some attractive options for those who have larger deposits or who would like to leverage the equity in their portfolio to expand, increasing the number of homes that are very much needed to meet strong levels of tenant demand.”

Last week, the lender brought out some sub-four per cent mortgage deals to appeal to landlords.


Gen H reduces rates

Gen H has lowered rates by up to 0.1 per cent, with products available from 5:30pm today.

The lender said that three- and five-year deals at 90 and 95 per cent LTV products have reduced by up to 0.1 per cent, and some homebuying products have decreased by around two and five basis points.

Gen H said that there had been a 134 per cent increase in the volume of applications with income boosters in January, and within January applications, over 40 per cent were first-time buyers and 24 per cent were aspiring second-time buyers.

Pete Dockar, Gen H chief commercial officer, said: “We’ve seen a consistent increase in income booster enquiries month-on-month in tandem with market-wide demand for greater first-time buyer support.

“It has been a volatile few weeks in mortgage pricing, but we feel it’s more critical than ever to deliver on our promises to keep our rates as low as we can – especially at those higher LTVs. We’re always on the lookout for opportunities to cut rates across the board, and will be monitoring this very closely in coming days and weeks to see if we can make further reductions.”

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