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Paragon and 3mc unveil exclusive buy-to-let deals

Specialist lenders Paragon Mortgages and 3mc have announced new exclusive buy-to-let product ranges.

This follows the recent launch from intermediary-only lender Accord, which recently unveiled landlord mortgages charging under 2%.

Paragon’s new product range, Paragon Premier, is aimed at professional landlords with larger-scale portfolios and will be available through an exclusive distribution network.

It features enhanced criteria and includes a range of lifetime trackers starting at 4%, three-year fixes from 3.55% and five year fixes at 4.50%. It offers loan-to-values of up to 80%.

John Heron, managing director of Paragon Mortgages, said: “These new products are designed for top-end professional landlords, specifically those that hold their portfolios in special purpose companies.

“As this is a pilot scheme for more complex buy-to-let cases, we are working with a limited number of specialist intermediaries with a proven track record in the market.

“Whilst we have been working on this development for some time, we do expect that interest in the scheme will be boosted by the proposals to limit landlord tax relief in the summer Budget."

Mortgage distributor 3mc has launched an exclusive range of buy-to-let mortgages with rates starting from just 3.40%. 

The range, which is funded by Precise Mortgages, includes a choice of lifetime trackers, depending on LTV.

Range includes lifetime tracker of 2.81% over 3 month libor, currently charging 3.4% to 65% LTV.

3mc offers rental calculations based on 125% of pay rate and loan sizes range from £150,000.

Maximum loan size is £3 million to 65% LTV and £2 million to 75% LTV. There are no minimum income requirements for loans up to £1 million.

Doug Hall, director of 3mc, said: “This range of exclusive products not only offers excellent value for money but, with a starting rate of just 3.4% for loans up 65% LTV, also one of the lowest ever stress test calculators that 3mc has been able to offer since we launched in 1996.

“The 3.4% deal will be particularly attractive for investors wanting to finance lower yielding properties, whilst the other products will hold appeal for landlords wanting to finance higher LTV deals.”

Alan Cleary, managing director of Precise Mortgages, said: “Applications can be submitted either direct to Precise with 3mc specified as the payment route or, alternatively, 3mc will provide a full packaging service.”

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