Paragon Mortgages has updated its buy-to-let product range for professional landlords and added six new products, designed to provide landlords with greater flexibility with their financial planning.
There are new 2-year fixed rate products starting at 3.4%, subject to a 1.5% product fee at 65% LTV for single self-contained units, a 2-year fix at 3.75% with a 1% product fee at 65% LTV for HMOs and multi-unit blocks.
Aside from the new 2-year fixed rate deals, Paragon has also introduced three 5-year fixed rate deals for landlords planning for the medium to long term.
The 5-year fixed rate deals start at 4.2% with a 1.5% product fee at 65% LTV for single self-contained properties – for both individual and limited company landlords.
John Heron, managing director of Paragon Mortgages, said: “We have re-dated our existing product range and then added six new fixed rate products. The product range caters for different types of landlord, whether they be limited companies or individuals.
“The stepped rate products have been created to allow landlords that extra flexibility with their financial planning. With tax liabilities increasing from April 2017, a stepped rate product which moves from a higher rate to a lower rate could help landlords plan for a rise in their tax bill. However, intermediaries will need to talk to their landlord customers to ensure they fully understand how these products work and whether they would be suited to their circumstances.”