Paragon Bank has launched two new two-year Bank Base Rate (BBR) tracker options for landlords, with rates starting from BBR plus 1%.
The revised range is available at up to 75% LTV and spans both SSCs,HMOs and MUFBs.
For SSC properties at 75% LTV, the latest two-year tracker is priced from BBR plus 1% (currently 4.75%), with a 2% product fee. The product includes a free mortgage valuation with no application fee or early repayment charges.
Two-year tracker options for HMOs and MUFBs at the same LTV tier start from BBR plus 1.35%, also with a 2% fee. These products offer the same benefit of no early repayment charges and include a free valuation.
Paragon has also taken 15bps off a selection of its two-year fixed rate mortgages.
Within the SSC range, rates begin at 3.40% for properties with an EPC rating of A to C at a 5% fee level, or 3.45% for less energy efficient properties. A mid-fee option of 3% is available from 4.40%, while a nil fee alternative is offered from 5.90%.
Selected products include free valuations and no application fees, with £500 cashback available on the higher fee option.
For HMOs and MUFBs, pricing starts from 3.55% at a 5% fee, moving to 4.55% with a 3% fee and 6.05% on a nil fee basis. These products also benefit from free valuations, with application fees set at £299.
All fixed rate products carry early repayment charges of 3% in each of the first two years and revert to Paragon’s standard variable rate, currently 7.35%, less 1.25%.
“We’ve 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,” said James Harrison, product manager at Paragon Bank (pictured above).
“Extending the range to total 14 options for new customers, alongside six switch and four further advance products, and introducing more fee options, we are giving brokers greater scope to match products to their clients’ priorities, whether that is focusing on pay rate, upfront cost or overall balance across a portfolio.”
