Paragon Bank has introduced £1,000 cashback on 21 products within its buy-to-let (BTL) mortgage range.
The cashback applies to a selection of five-year fixed rate products for single-family homes, as well as multi-occupant houses and multi-residential blocks.
The range includes both percentage and fee-free options, in addition to free valuation, with cashback paid out on completion.
There are products available for both purchase and remortgage with different pricing options within different loan-to-value (LTV) ranges.
Paragon sofa Mortgage product manager James Harrison says: “We have seen continued strong demand for cashback products, particularly within our two-year fixed range, where £500 options have been well received by brokers and their landlords.”
“Extending this to a wider selection of fixed products with a five-year term, and increasing the amount to £1,000, reflects that feedback. It also comes to a point where landlords often manage a number of costs around a transaction, from legal fees to property improvements, and the cashback can help to offset some of those expenses on completion.”