Paragon Bank has added six buy-to-let (BTL) fixed-rate mortgages, with selected products featuring a reduced interest coverage ratio (ICR) rate calculation.
For portfolio landlords, the lender has launched four new five-year fixed rate mortgages with rates starting at 5.40%.
The interest coverage ratio (ICR) calculation rate has also been reduced, starting at 5.50% down from 5.75% after it was reduced from 7.00% on 8 November.
Five-year fixed-rate mortgages, with initial rates starting at 5.40%, are available at up to 75% LTV to non-portfolio landlords with a reduced ICR of 5.50%.
All products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Paragon Bank director for mortgages Moray Hulme comments: “We’re really pleased to be able to expand our product range and offer more choice to BTL investors with both small and large portfolios.”