Mortgage lender Paragon has announced details of a new range of loans aimed at professional landlords.
A new brace of three-year fixed-rate mortgages are available at up to 75% loan-to-value: they are priced at 3.99% a year for single, self-contained properties and 4.45% for homes of multiple occupation (HMOs) and multi-unit blocks. Both come with a 2% product fee.
John Heron, director of Paragon Mortgages, said: “Our new range of three-year fixed-rate products are very competitive and designed to meet the needs of more experienced landlords with larger property portfolios. The new range best suit landlords looking to plan financially for the slightly longer-term. Our latest intermediary trends survey shows that their landlord clients are still preferring to fix and the growth in popularity of five-year fixes remains.”
Paragon is also refreshing its range of two- and five-year deals, with rates starting at 3.75% for the former and 4.6% for the latter.
Heron added: “Our range now includes 14 competitive and tailored fixed rate products in addition to the tracker rates available for a variety of terms for those landlords who require a little more flexibility. We have worked hard to ensure that our new summer range has something to meet a breadth of professional landlords’ requirements as demand from tenants remains high.”