One of our favourite lenders, Paragon, has added two-year Bank Base Rate tracker buy-to-let products after broker feedback basically said: “Nice idea… but can we have something shorter than five years?”
The range was launched in January 2026 and, as at Paragon’s 28 April 2026 product guide, the two-year tracker options are still showing.
For single self-contained properties, current rates start at 5.10%, based on Bank Base Rate plus 1.35%, with a 1.50% product fee. Other two-year tracker options are shown at 5.35% and 5.47%, depending on the product fee.
For HMOs and multi-unit blocks, the two-year tracker rates currently start at 5.45%, with other options shown at 5.70% and 5.82%, again depending on the product fee.
In short, this is still a live and relevant product area, but the figures have moved since launch. No surprise there. Mortgage rates do like to keep us entertained.
Here’s what’s on offer:
2-year tracker, up to 75% LTV
Pricing linked to Bank Base Rate, so the rate moves with base rate
No early repayment charges
Three fee options
Available for single self-contained properties, HMOs and multi-unit blocks
Why this is actually interesting for investors
1) It’s a “keep your options open” mortgage
Two years isn’t forever, and no ERCs means you’re not locked in if the market shifts, your exit changes, or lenders start chucking better deals around in 6–12 months.
For a lot of investors right now, certainty is great, but being trapped is not.
2) Trackers are creeping back because lenders think base rate might drift down
No one is promising anything. And if they are, stop listening.
But the fact lenders are pushing trackers again tells you they think borrowers want flexibility and may be expecting base rate to ease over time.
You are basically choosing between:
Fix: more certainty, less flexibility
Tracker with no ERC: more flexibility, less certainty
Neither is “better”.
It depends what you are doing and how allergic you are to surprises.
3) It’s aimed at the types of property investors actually buy
Paragon explicitly includes HMOs and multi-unit blocks, which is where plenty of portfolio investors live, because yield often has to do the heavy lifting these days.
The boring-but-important catches
A tracker can be great, right up until base rate doesn’t do what you hoped.
So before anyone gets too excited and starts refreshing Rightmove:
Your payment can go up, not just down, because it tracks base rate.
Fees matter. A “lower rate” with a bigger fee can be more expensive than it looks once you do the maths.
Your deal still needs to work at realistic assumptions. If it only works if rates fall quickly, that’s not a plan. That’s a prayer.
Always assume that no one — least of all your lender — is doing you any favours.
Practical takeaway
If you are refinancing or buying this quarter, Paragon’s two-year tracker range is worth a look if you value flexibility and you can handle the payment moving around.
If you need certainty, or your stress levels are already sponsored by caffeine, you will probably still prefer a fix.
As always, this isn’t advice. Run the numbers, do your due diligence, and speak to a broker or accountant if you are not 100% sure what is best for your setup.
If you don’t have a mortgage broker, or you’d like a second opinion, I’ll be happy to introduce you to mine.
Just email me at:
and I’ll make the introduction.
Here’s to successful property investing.
Peter Jones
Author, property investor & ex-Chartered Surveyor
P.S. If you’d like help thinking through your buy-to-let strategy properly, you might find my Successful Property Investor’s Strategy Workshop useful.
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