Paragon Bank has refreshed its buy-to-let (BTL) mortgage offerings, now providing options up to 80% loan-to-value (LTV). This change is significant for landlords looking to maximise their borrowing potential, especially in a fluctuating market.
TL;DR: Paragon’s new BTL range offers competitive rates for 60% to 80% LTV; individual and limited company landlords can benefit from these options across England, Scotland, and Wales.
What are the new mortgage rates?
The updated BTL range features rates beginning for products at various LTVs. For those interested in green mortgage products, fixed rates are available for properties with energy performance certificate (EPC) ratings of A-C. For properties with lower EPC ratings, equivalent products are also available. Landlords seeking longer-term stability can opt for fixed rates for green products and those for lower-rated properties.
How does this affect landlords and investors?
This refreshed range is particularly beneficial for individual and limited company landlords, who can apply for both purchase and remortgage options. The inclusion of higher LTV products allows investors to use their existing assets more effectively, which could lead to increased property acquisition and portfolio growth. Additionally, the competitive rates may encourage landlords to consider energy-efficient properties, aligning with sustainability goals.
What this means for the mortgage market
The introduction of these rates reflects Paragon’s ability to adapt quickly to market changes, particularly amid ongoing volatility in swap rates. Landlords should monitor these developments closely, as competitive offerings could influence broader market trends and pricing strategies. For those looking to compare rates, tools for mortgage rate comparison can provide insights into the best options available.
Frequently asked questions
What types of properties are eligible for these BTL mortgages?
The new BTL products are available for individual and limited company landlords across various property types, including single self-contained units, houses in multiple occupation (HMOs), and multi-unit blocks (MUBs).
Are there any special requirements for green mortgage products?
Yes, green mortgage products are available for properties with EPC ratings of A-C, which can qualify for lower interest rates compared to properties with lower ratings.