Paragon Bank has added a discounted SVR product to its range of BTL mortgages, offering portfolio landlords the choice of track-to-fix.
The two-year product is available at up to 75% LTV and is priced at 4.73%, which is Paragon’s SVR (priced at 8.85%) minus 4.12%.
It is available to borrowers operating through limited companies or as individuals for single self-contained properties, HMOs and multi-unit blocks.
The product — subject to a 3% product fee — includes free valuations and is available to portfolio landlords with four or more BTL mortgaged properties in England, Scotland and Wales.
The latest addition to the specialist lender’s range is offered with the track-to-fix option, which allows landlords to change to any available Paragon product switch fixed rate, without incurring an ERC during the discounted product term.
Richard Rowntree, managing director for mortgages at Paragon Bank (pictured above), commented: “It’s fantastic to be able to add another product to our range that is available with our track-to-fix option.
“Brokers have told us that a growing number of their clients want to see what happens to rates over the next year or two, and we know that many borrowers like the certainty of fixed-rate mortgages.
“With no ERCs for landlords who switch to one of our fixes, track-to-fix provides a balance of flexibility and certainty.”
