Landbay and Paragon have made significant changes to their buy-to-let mortgage offerings.
Landbay is increasing its maximum loan term from 25 to 30 years, effective on 1 May with all products available through the lender’s distributor partners.
Managing director of intermediaries Paul Brett said: “We are constantly listening to our intermediary partners to understand the needs of the clients.
“This product enhancement is a direct response to those needs, and we are pleased to be able to offer even more flexibility to brokers and their landlord clients.”
Paragon has updated its buy-to-let mortgage products for portfolio and smaller-scale landlords.
The portfolio range is designed for landlords with four or more mortgaged properties, and those operating in limited companies or limited liability partnerships.
They can be used to finance single self-contained units (SSCs), multi-unit blocks (MUBs) or houses in multiple occupation (HMOs).
For SSC units at 75% loan to value (LTV), a two-year fixed rate mortgage at 3.35 per cent with no product fee, free mortgage valuation and £400 cashback is available.
For MUBs and HMOs at 75% LTV, a two-year fixed rate deal at 2.95 per cent with a 1.00 per cent product fee, free mortgage valuation and £400 cashback is available.
In the non-portfolio range, new options include five-year fixed rate mortgages with no product fee, no application fee, a free mortgage valuation and £250 cashback at 3.75 per cent on loans up to 75 per cent LTV and at 3.95 per cent on loans up to 80 per cent LTV.
Paragon director of mortgages John Heron said: “The refreshed range gives landlords a wide choice of options to suit their needs depending on the size and complexity of their property portfolio, as well as an opportunity to reduce their up-front costs with a range of cashback and limited up-front fees.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.