Paragon Mortgages is ringing in the New Year with the introduction of a new range of fixed rate mortgage products available for buy-to-let property purchases and remortgages. The products, which include two and five year fixed rate mortgages, benefit from current low market rates and provide an ideal opportunity for landlords looking to refresh their finances in 2017.
The new five year fixed rate products will be of particular interest to landlords looking for payment stability over the long-term, offering 3.75% for landlords borrowing up to 75% Loan to Value (LTV). Importantly, these longer term fixed rate products also feature interest coverage ratios that start at 125% at 4% and are graduated to reflect each landlord’s individual tax status.
Other highlights within the range include a two year fix at 3.25% for lending up to 65% LTV and another at 3.40% for lending up to 75% LTV.
John Heron, Managing Director, Paragon Mortgages said:
The first quarter is an extremely busy time in the buy-to-let market as landlords review their portfolios and plan for the year ahead.
The tax changes being introduced in April make it even more important than ever for landlords to think ahead and minimise costs where possible.
These products offer landlords the opportunity to put in place longer term mortgage finance, whilst taking advantage of the beneficial impact of today’s record low market rates.