Paragon launches new buy-to-let mortgages
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by Gill Montia
Paragon has launched a raft of new buy-to-let mortgages for professional and smaller-scale landlords.
The loans include fixed and tracker rates offered under both the Paragon Mortgages and Mortgage Trust brands.
Eighteen are targeted at professional landlords (12 trackers and six re-priced fixed rate deals) while landlords with smaller portfolios have six to choose from (two tracker rates and four fixes).
Paragon’s managing director, John Heron, comments: “We expect that the new products will be well received by the intermediary market as we know they are seeing increasing demand from buy-to-let customers.”
Landlords saw average yield on rental property rise to 6.7% in the three months to the end of September, compared with 6.2% in the previous quarter.
According to Paragon, buy-to-let investors in the East of England are generating the highest average yield at 7.5%, followed by those in Wales (7.3%), the North East (7.2%) and central London (7.1%).
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