Paragon Bank Reintroduces 'Track to Fix' for BTL Mortgages; Coventry Cuts Rates
UKPulse Property Desk
Paragon Bank has brought back a feature allowing buy-to-let tracker borrowers to switch to a fixed rate without an early repayment charge. Separately, Coventry for intermediaries has reduced all its fixed mortgage rates by up to 20 basis points.
- Paragon Bank's 'Track to Fix' option allows existing Bank Base Rate tracker customers to switch to a fixed BTL rate without an early repayment charge.
- Coventry for intermediaries has cut all fixed-rate buy-to-let mortgage deals for new and existing customers by up to 20 basis points.
- Paragon's two-year Bank Base Rate tracker mortgages for single self-contained properties start at 5.10% with a 1.50% fee at up to 75% loan-to-value.
Buy-to-let landlords now have more options as Paragon Bank reintroduces a feature allowing tracker borrowers to move onto a fixed buy-to-let (BTL) rate without an early repayment charge. This 'Track to Fix' option applies to Bank Base Rate tracker products for single self-contained properties, houses in multiple occupation (HMOs), and multi-unit blocks.
Existing customers can switch to an available Paragon fixed-rate product during their tracker term, subject to eligibility. James Harrison, Paragon's product manager, noted the feature's previous popularity for enabling customers to fix their rate without incurring a charge.
Meanwhile, Coventry for intermediaries has reduced every fixed mortgage rate in its range, with cuts of up to 20 basis points. This applies to all fixed-rate BTL mortgage deals for both new and existing customers.
One example includes a five-year fixed rate at 5.10% until 31 December 2031, available at 75% loan-to-value with a £1,999 fee for limited company remortgages on properties with an EPC rating of A-C.
Why this matters: These changes offer buy-to-let landlords greater flexibility in managing their mortgage rates, potentially allowing them to adapt to market changes or secure a fixed rate without additional costs.
What this means for you: If you are a buy-to-let landlord with a Paragon Bank Bank Base Rate tracker mortgage, you may now have the option to switch to a fixed rate without an early repayment charge. If you are seeking a new or remortgaged buy-to-let fixed rate, Coventry for intermediaries now offers reduced rates.