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Category: hmo
Intermediary-lender Paragon Bank has released a range of limited-edition competitive deals for large HMO mortgages, including a 6.30% per annum rate for a 5 year fixed period.
Paragon Bank is a lender which deals mainly with specialist solutions, HMO’s (House of Multiple Occupancy), and multi-unit freehold blocks and limited company buy to let mortgages.
Due to the Minimum Energy Performance Bill passing through the House of Commons (see our article on the topic here), Paragon Bank offer special deals on loans for properties with EPC ratings from A to C.
Paragon Bank, the FTSE 250 lender, has released a selection of limited edition buy-to-let mortgages for landlords which features deals including: deals with no or low product fees; discounted green options (for properties with an A-C energy performance rating); or 5-year fixed rates up to 65% LTV (loan to value) at 5.35% per annum for loans up to £500k and a 75% LTV discounted variable rate of 5.75%.
So, whether you are looking for a fixed rate or a variable rate, Paragon Bank has options available.
Louisa Sedgwick, Commercial Director at Paragon Bank, said:
“We’re delighted to launch a range of limited-edition products that we feel provide something a little different to those offered by many of our competitors.
"We’ve listened to brokers who have told us that nil and fixed fee options should appeal to landlords wanting higher loan amounts, up to £500,000, alongside the certainty of fixing rates for five years. In addition, we have 12-month discounted variable rate products that provide competitively priced options for those who want to remain active in the market without committing to a longer term."
She also added:
“These deals complement our core range, which includes a mix of lower rates and different fees, in addition to options like our track to fix product. Having the ability to secure a new discounted variable rate and then switch to a Paragon fix at any time during the term offers a mix of flexibility and certainty that may be particularly appealing given the fluidity of the current market.”
If you're thinking about remortgaging or investing in HMO’s, whether in personal name or through a limited company, get in touch with one of our mortgage advisors to secure these deals.
Remember, even if your mortgage renewal date is 3-6 months ahead, a mortgage offer has an expiry date that could accommodate you and lock-in a rate now.
Jorden Abbs, chief executive at specialist mortgage broker Commercial Trust commented on the new Paragon range:
“Paragon Bank is one of our go-to lenders for specialist limited company and HMO deals, we find our mortgage advisors are recommending products from Paragon’s arsenal, as they strive to be competitive in this market.
“Their new limited edition HMO rates are particularly competitive where you are borrowing a large amount – with a fixed fee of £2995, plus free valuation. If you have a lower loan amount, their no product fee deal is likewise competitive.
“These deals are limited-edition and so won’t be around for long, so I’d encourage anyone interested to get in touch with our advising team today.”
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