Paragon Bank has launched two limited edition buy-to-let products for self-contained units, houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
Both products are available at up to 75 per cent loan-to-value (LTV), with a two-year fixed rate starting at 2.65 per cent and a five-year fixed rate at 2.99 per cent. The deals come with free mortgage valuations and £750 cashback. The two-year fixed product has a one per cent product fee, which rises to two per cent for the five-year deal.
The products are available for both purchase and remortgage, including experienced landlords purchasing as individuals or through limited companies.
Richard Rowntree (pictured), managing director for mortgages at Paragon Bank, said the fact the products were available for self-contained units, HMOs and MUBs alike made them unique, adding that he expected them to be very popular, particularly given they were only available for a limited time.
He continued: “In addition to the strong demand for rented property that is continuing to drive purchases, we know there is a need for keenly priced remortgage products. This is due to the significant numbers of landlords who have deals maturing, while others may want to take advantage of house price rises to raise capital for improvements; expanding our range of limited-edition mortgages will help to support landlords in these situations.”
Landbay launches green deals
Elsewhere, Landbay has cut rates across its special edition buy-to-let range, alongside the launch of two green products.
The rate cuts include the standard two-year fixed rate at 70 per cent LTV dropping from 2.95 per cent to 2.79 per cent, while the standard five-year fixed rate at the same LTV band moves from 3.39 per cent to 2.99 per cent.
Landbay has also dropped rates on its HMO range, with its two-year fixed rate at 70 per cent LTV moving from 3.35 per cent to 2.89 per cent.
Both of the new green products are five-year fixed rates for landlords with a deposit of at least 30 per cent. For properties with an EPC rating of C, the interest rate stands at 2.94 per cent, while for those with an A or B rating the rate falls to 2.89 per cent.
Paul Brett, managing director of intermediaries at Landbay, noted that these products were “highly competitive”, and pointed to the fact they followed reductions across the lender’s core range announced last month.
He added: “The interest we have received in our core green mortgage range, which we launched in June, led us to introduce green products into our special edition range. We are always keen to provide more choice as well as competitive products for our broker partners and their landlord clients.”