Paragon revamps BTL fixes, scraps floating charge

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Paragon has expanded its portfolio and non-portfolio buy-to-let range and scrapped the floating charge for limited companies founded just to manage properties.

Among the new portfolio buy-to-let products is a two-year fixed rate at 3.49 per cent for borrowing up to 80 per cent LTV on single self-contained units.

The new range also includes a 3.69 per cent two-year fixed rate for HMO homes, up to 80 per cent LTV.

The lender has also introduced an SSC portfolio switch product with a two-year fixed term at 3.99 per cent up to 80 per cent LTV.

Paragon’s new non-portfolio further advance buy-to-let products include a two-year fixed rate at 3.55 per cent and a five-year fixed rate at 3.90 per cent.

Both are for borrowing up to 80 per cent LTV on SSC units.

Paragon says scrapping its floating charge on limited company applications will improve service delivery and make applying easier.

Paragon managing director – mortgages John Heron says: “For us, it’s all about offering choice and making the portfolio application process as straightforward as possible.

“This extended range of products, along with the removal of floating charges, valuation and admin fees, and the ability to manage everything online or through the CaseTracker app does just that.”

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