According to the lender, the four new 80% loan-to-value (LTV) further advances are available for landlords who have four or more mortgaged buy-to-let properties in England and Wales in their personal names or through their limited company.
Initial fixed rates start at 3.75% and the products are available on single self-contained units (SSCs) as well as houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) over two-year and five-year terms. All are offered with nil product fee, no application fee, and a free valuation.
Moray Hulme, Paragon Bank Director of Mortgage Sales, said: “With the Government proposing that PRS homes will need a minimum EPC rating of C for new tenancies by 2025 and for all homes in the sector by 2028, we recognise that a number of landlords may need to modify their portfolios.
“This may require significant investment so the financial services sector can play an important part in creating a sustainable future. By adding to our product range that offers financial incentives to encourage investment in more energy-efficient homes, we’re supporting landlords, helping them comply with Government regulations while making their properties more attractive to prospective tenants.”
Early redemption charges (ERC) are set at 3% on the two-year fixed rate products. On the five-year products, ERCs are 5% for years one and two, 4% for years three and four and 3% for year five.
