All three products are fixed for two years and are priced at 5.3%, 5.4% and 5.5% against maximum loan-to-values of 65%, 70% and 75% respectively. Paragon’s lending criteria means it can offer professional landlords facilities that are not widely available elsewhere, such as limited companies, multi-unit blocks and Houses in Multiple Occupation, according to the company.
John Heron, Paragon Mortgages’ managing director, said: “Professional landlords are the cornerstone of the private rented sector and Paragon is focused on helping them to drive their businesses forward.
“The number of households living in privately rented accommodation is forecast to grow to one in five by 2015 and it will be professional landlords who will be powering this growth. We believe these competitive fixed-rate products will prove popular with the professional landlord community.”
The products have a 2% fee and revert to Paragon’s Standard Variable Rate + 0.5% after the fixed period ends.