Specialist lender Paragon has overhauled its mortgage product range, reducing rates on 14 mortgages available up to 80% loan-to-value (LTV), in response to increasing portfolio and complex business needs.

According to Paragon, there has been a significant increase in portfolio and complex buy-to-let business over the past two years. Complex completions increased by 10% to be 89% of Paragon’s new business in 2019, and they expect this trend to continue in 2020, as Landlords seek more efficient ways to structure their business.

Moray Hulme, director of mortgage sales at Paragon, said: “In recent years, landlords have had to be more strategic in their approach than ever before and the buy-to-let market has seen a significant increase in portfolio and complex business.”

“This new product range caters for the professional landlord with competitive pricing, low or zero product fees, free valuations and cashback offers”.

Lower rates, zero product fees, free valuations and cashback

Paragon’s refreshed product range for the buy-to-let market is a new year boost for landlords. Portfolio landlords can access a rate of 2.85% for financing houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), and discounted variable rates starting at 2.65% for SSCs, and 2.80% for HMOs and MUBs. Those seeking to remortgage or purchase single self-contained units (SSCs) can secure Fixed Rates Starting at 2.75%.

Non-portfolio landlords can access fixed rates starting at 3.45%, and a discounted variable rate of 2.65% on SSCs and all landlords can choose from a range of two and five-year term products with a low (0.25%) or zero product fees, free mortgage valuations and cashback offers.

Recent research by the lender found that its 2020 customers are more likely to be larger-scale portfolio landlords, as larger-scale landlords are three times more likely to consider buying than smaller-scale landlords within an overall much-reduced buy-to-let market. However, the lender asserts that the private rented sector continues to provide a home for one in five households and remains a successful business opportunity.

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