Paragon Bank has introduced a series of enhancements to its buy-to-let (BTL) Bank Base Rate (BBR) tracker range, adding a 2% rate product to give landlords more options.
The revised range is available with a loan-to-value (LTV) of up to 75% and includes independent dwellings (SSCs), houses of multiple occupancy (HMOs) and multi-unit blocks (MUBs), giving landlords more choice when selecting how they structure their loans.
For SSC properties with an LTV of 75%, the price of the last two-year tracker is calculated based on BBR plus 1.00% (currently 4.75%), with a product fee of 2.00%.
The product includes a free mortgage appraisal, no application fees and no early repayment fees.
Two-year tracker options for HMOs and MUBs at the same LTV level start from BBR plus 1.35%, also with a 2.00% fee. These products offer the same benefit: no early repayment fees and include a free valuation.
Paragon has also cut a selection of its two-year fixed-rate mortgages by 15 basis points.
Within the SSC range, rates start at 3.40% for properties with an EPC rating from A to C at a rate level of 5.00%, or 3.45% for less energy efficient properties.
A mid-fee option of 3.00% is available from 4.40%, while a zero-fee alternative is offered from 5.90%.
Selected products include free valuations and no sign-up fees, with £500 cashback available for the higher rate option.
For HMOs and MUBs, pricing starts at 3.55% for a 5.00% fee, and then goes to 4.55% for a 3.00% fee and 6.05% for a zero fee.
These products also benefit from free valuations, with the application fee being £299.
All fixed rate products will have an early repayment charge of 3% in each of the first two years and will revert to Paragon’s standard variable rate, currently 7.35%, less 1.25%.
Paragon sofa product manager James Harrison says: “We have had a strong response to our BBR tracker range over the past six months after launching five-year options in December last year, before adding two-year terms at the start of this year.”