Paragon Bank has announced the launch of a one-year buy-to-let (BTL) discounted SVR product to support new and existing landlord customers through the coronavirus pandemic.

The 12-month product is available for new business, product transfers and further advances and will come with a 1% discount off Paragon’s SVR for 12 months.

Paragon has passed on the Bank of England’s full 65bps base rate reduction and its SVR currently stands at 4.95%, meaning the product starts at 3.95%.

For product transfer and further advance customers, Paragon also said the product is available for up to 80% and 75% LTV respectively, will have no application, valuation or transfer fee, as well as no early redemption charge. New applications also come with no product or valuation fee and have an early redemption charge of 1%, the lender added.

Paragon director of mortgage sales, Moray Hulme, commented: “This product is designed for landlords who want some certainty whilst they wait to see how the next few months materialise and may not want to lock into a longer-term fixed-rate in the current period.”

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