Castle Trust and Paragon update BTL ranges

Castle Trust Bank and Paragon Bank have revised their BTL product suites.

Castle Trust Bank

Castle Trust Bank has cut rates and simplified its range of HMO and holiday let mortgages as part of a wider overhaul of the lender’s specialist BTL offering.

As part of the revamp, the lender’sHMO and holiday let mortgages are now available from 3.82% per month.

The finance provider has also trimmed rates on its bridge-to-let products, which are now priced at 0.67% per month at up to 80% LTV.

Castle Trust Bank has also launched a BTL exclusive, available at 3.95% up to 70% LTV, and will continue offering its exclusive five-year fixed-rate product at 4.5% per month with a two-year ERC.

Both are offered through a select number of partners, including Brightstar Financial, Crystal Specialist Finance, First 4 Bridging, SPF, Sirius Property Finance, Watts Commercial, and VIBE Financial Services.

Rob Oliver, sales director at Castle Trust Bank, said: “It’s now more than a year since we became a bank, and one of the many advantages is that it gives us greater flexibility in our product development and pricing. 

“We have already seen the popularity of our HMO, holiday-let and bridge-to-let products among brokers, and we hope to make them even more attractive to a wider group of customers, with even keener pricing.” 

Paragon Bank

Paragon Bank has introduced two limited-edition products for single self-contained units, HMOs and MUBs.

The two- and five-year fixed-rate offerings are at 75% LTV and available for experienced landlords purchasing and remortgaging BTL properties as individuals or through limited companies.

Prices for the two-year fix start at 2.65%, with a 1% product fee and a 4.10% APRC, while the five-year option is available from 2.99%, with a 2% product fee and a 4% APRC. 

Both offers include a free mortgage valuation and £750 cashback.

Richard Rowntree, managing director at Paragon Bank, said: “We’re offering two products that are fairly unique in that the extremely competitive rates are available not only on single self-contained units, but also HMOs and MUBs. 

“Add to this free mortgage valuations and £750 cashback, and we have two fantastic mortgages that we expect to be very popular — especially given their limited availability.

“In addition to the strong demand for rented property that is continuing to drive purchases, we know there is a need for keenly priced remortgage products. 

“This is due to the significant numbers of landlords who have deals maturing, while others may want to take advantage of house price rises to raise capital for improvements.”

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