"We’re also responding to changes in the market - as interest rates have started to reduce, products with lower fees have become more popular."
- James Harrison, mortgages product manager at Paragon Bank
Paragon Bank has enhanced its range of five-year fixed-rate buy-to-let mortgages with new 3% fee options and £750 cashback added to all purchase and remortgage products.
The addition of 3% fee products to Paragon’s range of five-year fixes means that the bank now offers 3%, 5% and fee-free options up to 75% LTV.
Rates for the 3% fee product start at 5.14% for properties with EPC ratings of A-C, rising to 5.39% for houses in multiple 9ccupation and multi-unit blocks. Interest coverage ratios (ICRs) are calculated at the product rate.
The products are available for individual and limited company applications in England, Scotland and Wales and include a free mortgage valuation.
James Harrison, mortgages product manager at Paragon Bank, said: “After listening to brokers, we’ve introduced £750 cashback to our purchase and remortgage five-year fixes, helping to offset application or legal fees.
“We’re also responding to changes in the market - as interest rates have started to reduce, products with lower fees have become more popular. Therefore, we’ve added a 3% product fee option to complement our nil fee and 5% fee five-year fixed-rate range.”
