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Paragon refreshes its BTL range

Paragon has refreshed its buy-to-let range for both portfolio and non-portfolio landlords.

The firm is now offering five-year mortgage products with an initial interest rate of 3.80 per cent for portfolio landlords looking to purchase or remortgage single, self-contained units, and 3.90 per cent for landlords seeking finance for houses in multiple occupation and multi-unit blocks.

All products are available to individual landlords as well as those operating in limited companies and limited liability partnership, with an interest coverage ratio starting from 4 per cent.

A notable highlight in the refreshed rates is the new offering of a five-year fix at a 75 per cent LTV, with £250 cashback and no product or application fee.

Complex completions increased from 65 per cent to 79 per cent of new business at Paragon in 2018, according to the firm.

Paragon director of mortgages John Heron says: “The cost certainty that a longer-term fix provides will be an appealing prospect to many as the Brexit process continues into 2019 and landlord taxation takes the next step up.

“By adding products into our range that remove many of the up-front costs associated with arranging finance, we aim to give landlords more flexibility to decide the best route forward for their business.”

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