Paragon launches new BTL mortgages products and TSB raises rates
Paragon has added to its portfolio range four two-year fixed rate buy to let mortgages that incur no application or valuation fees.
Starting at 2.99% at 75% loan to value, the loans cater for single self-contained units, HMOs and multi-units. As the name suggests, the portfolio range is available to portfolio landlords, i.e. those who own four or more mortgaged properties. It is also available to landlords borrowing in a limited company or limited liability partnership capacity.
Paragon has also launched two new limited edition two-year fixed buy-to-let remortgage products. One is for portfolio and the other is for non-portfolio customers, both at 75 per cent LTV, and both cater for SSC units. The limited edition portfolio product is fixed at 2.85% and likewise incurs no application or valuation fees. There are also no legal fees. The non-portfolio product is fixed at 1.99 per cent and includes free legals and a free valuation, although a £150 application fee is charged.
Applications for the limited edition products must have an offer issued by 11 December 2017 and complete by the end of 2017.
Paragon managing director, mortgages, John Heron says:
“We regularly review our buy-to-let mortgage product range to ensure we are offering the best choice and value to our landlord customers and intermediary partners.
“The popularity of fixed term mortgage products is higher than it has ever been. These new additions to Paragon’s portfolio and non-portfolio product ranges reflect that – and we’re proud to support landlords by offering products with no application or valuation fee.”
Meanwhile TSB has increased its fixed rates by up to 0.20% on many residential and buy-to-let remortgage products.
On its residential mortgage products, the rate rises apply to its fee-free two-year fixes up to 85% LTV and to its five-year fixed rate products from 75% to 80% LTV. The three-year fixed rate mortgage from 0-90% per cent LTV have been withdrawn.
TSB has also raised rates by 0.20% on its two-year fixed buy-to-let mortgage up to 60% LTV with no fee. Earlier this month TSB raised remortgage rates by up to 0.20 per cent.
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26th October 2017
