The mutual launched its BTL mortgage range last year, which includes standard BTL, holiday let and expat options at 80% LTV.
The Cambridge Building Society said the new product demonstrated the mutual’s commitment to the BTL sector.
The product is fixed for five years, priced at 5.78%, with an income coverage ratio (ICR) of 125% at payrate.
Dan Barker, product and propositions manager at The Cambridge, said: “The launch of our new limited company BTL product at 80% LTV strengthens our landlord proposition and gives brokers greater flexibility when supporting incorporated investors, while continuing to reflect our commitment to responsible lending – working together to help people achieve their goals.”
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Paragon simplifies BTL further advances and tweaks offering
Paragon Bank has updated its BTL further advance proposition by streamlining the application process, lowering the minimum loan size to £2,000 and cutting rates by 0.2.%.
The lender is migrating further advances onto its enhanced mortgage originations platform, following broker feedback. This will provide the same layout and streamlined journey available with other BTL cases.
Where no property inspection is required, Paragon can issue offers within 48 hours.
It will use automated valuation models (AVMs) alongside data sources to reduce the need for in-person revaluations. The bank will also use trusted new and existing data sources to display how much additional borrower a landlord may be able to access.
The rate cuts see pricing now start at 6.25% for five-year fixed rates up to 75% LTV for single self-contained properties, while two-year fixed rates start at 6.4%.
The range includes products for house in multiple occupation (HMO) and multi-unit block (MUB) properties.
Paragon said it expected demand for further advances to grow due to minimum energy-efficiency requirements for rental properties. The bank’s data shows that around 40% of further advance loans are used to fund property improvements.
Andrew Smart, head of mortgages transformation at Paragon Bank, said: “We’ve moved our further advance proposition onto our enhanced origination platform, with brokers benefitting from the same ease of use, clear and easy layout and intuitive design. This makes the process simpler for brokers and their landlord clients, providing quicker release of funds where we don’t need to inspect the property.
“A substantial proportion of the further advance business we write supports home providers to improve their properties. Making this finance quicker and easier to access will be particularly beneficial for those investing to remain compliant with new regulations, such as the forthcoming changes to the private rented sector Minimum Energy Efficiency Standards.”
