Tuesday, December 6, 2022
HomeLending MarketsParagon Bank launches six BTL fixes and reduces ICR rate

Paragon Bank launches six BTL fixes and reduces ICR rate

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.”

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