Paragon adds five-year BTL fixes and West One cuts holiday let and expat rates

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  • 03/03/2021
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Paragon adds five-year BTL fixes and West One cuts holiday let and expat rates
Paragon has added a pair of five-year fixed rate mortgages to its portfolio range and added that it will be restructuring its product offerings shortly.

 

The first deal has an initial rate of 3.44 per cent and a product fee of two per cent while the second has an initial rate of 3.50 per cent and a one per cent product fee.

The maximum loan size for both products is £750,000 at up to 75 per cent loan to value (LTV), £1m up to 70 per cent LTV and £2m up to 65 per cent LTV.

Both products come with a free valuation and are available for purchase or remortgage through single self-contained properties in their personal names or through their limited company.

Moray Hulme, director for mortgage sales at Paragon said: “In response to the current strong demand and ahead of the imminent budget announcement, we have reviewed our product range.

“We have decided to offer two products that give landlords who are interested in either purchasing or remortgaging on single self-contained properties a couple of well suited options.

“This comes ahead of a significant re-structuring of our product range and we look forward to sharing more information once it is available.”

 

West One

Meanwhile, West One Loans has cut rates on its short-term let and expat semi-exclusive buy-to-let mortgages.

The lender has taken 15 basis points off both deals.

Its holiday let product on the W1 range is a five-year fix at 4.19 per cent up to 70 per cent loan to value (LTV) with a maximum loan size up to £500,000.

And the expat W1 product is also a five-year fix up to 70 per cent LTV at 4.09 per cent and maximum loan of £500,000.

Both deals have an application fee of £150 and a lender fee of two per cent.

West One Loan managing director of buy-to-let Andrew Ferguson said: “We re-entered these markets back in January and have been pleased with the response we’ve seen.

“These price changes reflect our ongoing support for the products in a market where we see great potential.

“It follows on from a very busy start to the year for West One’s buy-to-let team, which has included the launch of new products and a new funding agreement which means we’re able to offer more choice to brokers and their clients, broadening our proposition still further.”

 

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