Paragon Bank and Aldermore have slashed rates on their BTL offerings.
Paragon Bank
Paragon Bank has launched a 4.69% five-year fixed-rate BTL mortgage — its lowest rate for over 12 months — as part of a wider reduction in five-year fixed-rate pricing.
The rate is available for single self-contained properties with EPC ratings of A to C, up to 70% LTV.
Pricing increases to 4.74% on homes with EPC ratings of D or E and 4.94% when financing HMOs or MUBs.
The lender has also introduced zero ERCs in the first year, with a flat 3% fee for the remainder of the term duration.
The product comes with a 7% fee and ICR is calculated at 5.5%.
In addition, Paragon has introduced a nil product fee five-year option, starting at 6.3% for single self-contained properties at 65% LTV, with the ICR set at pay rate.
Louisa Sedgwick, commercial director at Paragon Bank, commented: “Brokers have told us that they’re trying different approaches to find solutions for their clients, and that one of the best ways we can support landlords in the current dynamic market is by offering choice — including a range of rate and fee options — and we feel that our latest products certainly do that.”
Aldermore Bank
Aldermore has also revealed new BTL products, helping to further support landlords in securing better deals for their portfolios.
The products are fixed at five years with a 7% product fee — available for individual and company landlords — and have been accessible since Wednesday 27th September.
The offerings for both single and multiple residential investment properties are available at 5.09% at up to 75% LTV.
Jon Cooper, head of mortgages at Aldermore, commented: “We understand the important role landlords play in the UK housing market and that they have varied portfolios which can often be overlooked by high-street lenders.
“At Aldermore, we continue to review and build our product range to ensure landlords have a number of options available to help find a mortgage that is right for them.”
