Today, Paragon Mortgages updates its buy-to-let product range for professional landlords, introducing six new products.
Paragon Updates Buy-to-Let Mortgage Range
From today, 1st June, there are new two-year fixed rate products for buy-to-let landlords at Paragon, starting at a rate of 3.40% with a 1.50% product fee at 65% loan-to-value (LTV) for single self-contained units. A two-year fixed rate mortgage of 3.75% with a 1.50% product fee at 65% LTV is also available for Houses in Multiple Occupation (HMOs) and multi-unit blocks.
Alongside the two-year fixes, three new five-year fixed rate products are also available for those landlords looking to plan their finances for the long-term. Rates start at 4.20% with a 1.50% product fee at 65% LTV for single self-contained properties – for both individual and limited company investors.
Paragon Mortgages also offers a range of stepped fixed rate products, created for landlords that want an extra degree of financial planning. These five-year fixed rate products can either increase in rate each year until the end of the product term, or decrease, depending on the landlord’s preference.
The Managing Director of Paragon Mortgages, John Heron, says: “We have re-dated our existing product range and then added six new fixed rate products. The product range caters for different types of landlord, whether they be limited companies or individuals.
“The stepped rate products have been created to allow landlords that extra flexibility with their financial planning. With tax liabilities increasing from April 2017, a stepped rate product which moves from a higher rate to a lower rate could help landlords plan for a rise in their tax bill.
“However, intermediaries will need to talk to their landlord customers to ensure they fully understand how these products work and whether they would be suited to their circumstances.”
Although landlords face changes in the buy-to-let sector, this advice from Nova Financial’s Paul Mahoney will help you factor in any financial difficulties you may face: /preparing-future-economic-changes-buy-let-sector/