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Paragon launches buy-to-let discounted variable rate mortgages

Paragon has launched a new range of buy-to-let purchase and remortgage products for portfolio and non-portfolio landlords.

The discounted rates for two and five years start at 2.65% at 75% loan-to-value (LTV) for individuals, limited companies and limited liability partnerships. All products also feature a free valuation and no application fee.

The portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies or limited liability partnerships.

It can also be used to finance single or self-contained units (SSCs), multi-unit block (MUBs) or houses in multiple occupation (HMOs).

For SSC units at 75% LTV, highlights from the discounted portfolio range include a two-year discounted variable rate mortgage at 2.65%, representing a 2.95% reduction from Paragon’s standard variable rate (SVR) with no application fee and a free valuation.

Meanwhile, for HMOs at 75% LTV, the discounted portfolio range includes a two-year discounted variable rate mortgage at 2.80% discount from SVR, also with no application fee and a free valuation.

The two discounted products available to non-portfolio landlords for SSC units at 75% LTV include a two-year discounted variable rate mortgage at 2.65% and a five-year discounted variable rate mortgage discounted at 2.95%. Both have no application fee and a free valuation.

John Heron, director of mortgages at Paragon, says: “Whilst there is an overwhelming preference in the market for fixed rate mortgages, we are introducing these discounted variable rate products now to make sure that our landlords have a strong variable rate option at a time of heightened economic and political uncertainty.”

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