Moray Hulme

Paragon introduces new switch and further advance BTL products

Paragon Bank has launched new switch and further advance BTL products for portfolio and non-portfolio landlords.

Clients can choose from a range of two and five-year term products, some of which feature zero product and application fees, as well as free mortgage valuations.

Across both portfolio and non-portfolio ranges, rates start at 2.95% for the switch options and 3.40% for the further advance products.

All options include an ICR starting at 4% and are subject to ERCs of 5% in years one and two, 4% during years three and four and 3% for year five.

The portfolio suite is available for both individual and limited company/limited liability partnerships landlords with four or more mortgaged properties, and are suitable for financing single self-contained properties (SSCs), HMOs and MUBs.

Meanwhile, the non-portfolio range is available for consumer BTL customers with SCCs.

Moray Hulme, director for mortgage sales at Paragon Bank (pictured above), said: “We’ve launched a new range of keenly priced switch products to cater to the wave of landlords who will have loans reaching maturity in 2022.

“In addition, we know that there is a growing number of landlords who are looking to make their properties more energy efficient or are thinking about expanding their portfolios, perhaps taking on somewhere that requires some work to bring up to a good standard. 

“Our further advance products are perfect in these types of scenarios, so we’re pleased to be able to support investment in improving the quality and quantity of private rented sector stock.”   

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