Available at up to 70% LTV, the loan’s initial rate is priced at 5.69%.
The product is subject to a 2.0% product fee and includes a free mortgage valuation.
Paragon said it reduced the ICR calculation rate for the new product from 7.0% to 5.75%.
The loan is available in England, Wales and Scotland and is suitable for portfolio landlords with four or more mortgaged properties.
Eligible landlords can access the product when purchasing or remortgaging HMOs, MUBs, and SSC properties.
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Moray Hulme, director for mortgage sales at Paragon (pictured above), said: “With a level of stability returning to the market we’re pleased to be able to offer a five-year fixed rate product that features a market-leading initial rate.
“We feel this will really appeal to those landlords who seek the certainty provided by fixed rates and should sit well alongside our discounted variable products, giving investors some choice.
“Listening to brokers, we know that landlords have still been keen to stay active in the market, particularly as tenant demand remains strong, so to help facilitate this we have reduced the rate at which we calculate ICRs from 7.00% to 5.75%.”
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