Paragon turns up the heat with buy-to-let boost for summer

Paragon is boosting its buy-to-let mortgage range this summer, with a combination of lower interest rates, no upfront fees and £350 cashback on selected products.

The range features two and five-year fixed rate mortgages for portfolio landlords and five-year fixed rate mortgages for non-portfolio landlords. Products are available at up to 80% loan-to-value (LTV).

Interest rate reductions range from 10 to 20 basis points.

These product changes are especially beneficial for landlords with four or more mortgaged properties, more complex property types or operating in a limited company or limited liability partnership.

Portfolio highlights include a five-year fixed rate mortgage at 3.70% for landlords with single self-contained units (SSCs) and one at 3.75% for landlords with houses in multiple occupation (HMOs) or multi-unit blocks (MUBs).

In both instances, landlords benefit from no product fee, no application fee, a free mortgage valuation and £350 cashback, minimising up-front costs and providing a cash injection to help with other expenses.

“Interest rates on new mortgage products have rarely been as competitive across the market as they are today,” John Heron, director of mortgages at Paragon, said.

“By cutting up-front costs and giving landlords flexibility to manage other expenses using cashback, we’re demonstrating our commitment to enabling the widest possible access for customers.”