Paragon Bank has reduced its five-year fixed rate buy-to-let (BTL) mortgages by up to 70 bps, and has also lowered its reference rate and made changes to minimum experience and maximum loan term criteria. The five-year fix, which comes with a 5% fee, has been reduced from 5.20% to 4.50% for the purchase or remortgage of single self-contained properties. For energy efficient homes with EPC ratings between A-C, the rate is 5 bps lower at 4.45%, whilst HMOs and MUBs can be mortgaged at 4.70%. Paragon has also extended its maximum loan term from 25 to 35 years, whilst reducing the amount of experience BTL landlords are required to have for HMO and MUB applications, down from a minimum of three years to two.

Saltus has appointed Alistair Stuart its new chief operating officer. He brings over 30 years of experience in the wealth and private banking sector to the role, having held senior roles at European Depository Bank, Investec, RBS and Westpac, most recently serving as director of operations transformation at Nationwide Building Society. As part of his new role, Stuart will focus on driving the development of the Saltus partnership programme, which was launched in September 2023. The programme aims to add to the team bench strength at Saltus as the company continues to grow.

Market Financial Solutions (MFS) has reduced rates across its residential and BTL mortgage product ranges. The specialist lender’s variable bridging rates have been cut across its fixed and variable products, impacting both residential and commercial property types. MFS’ residential BTL rates have also been reduced across the range. The London-based lender specialises in handling large and complex loans at pace, offering loans up to £50m with terms between three and 24 years. The products also are also highly flexible, offering a range of products that allow borrowers to choose their product depending on their individual requirements, with flexibility to pick between a 2%, 4% or 6% fee across all four tiers of loans.

---