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Mortgage Trust launches back into Scotland

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  • 02/03/2015
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Mortgage Trust launches back into Scotland
Mortgage Trust, owned by specialist buy-to-let lender Paragon, has launched back into buy to let in Scotland for the first time since the credit crunch.

The Mortgage Trust range, exclusively available through mortgage advisers, includes 14 fixed rate products, at a variety of Loan to Value (LTV) and deal options.

The new product range includes a two year fix at 2.99%, with a £495 product fee at up to 65% LTV, and a three year fix at 3.85% with no product fee at up to 75% LTV.

There is also a two year fix at 4.45%, with no product fee offered to 80% LTV.
A five-year fix is also offered at an initial rate of 3.95%, with a £1,995 product fee, available up to 75% LTV.

All the products offer a free valuation and a £150 application fee applies.

The range is available only through intermediaries who are registered with Paragon and Mortgage Trust.

In the first quarter of its financial year which started in October 2014, Paragon reported a 58.4% increase in buy-to-let lending as lending volumes rose from £140.2m to £222.1m.

John Heron, managing director of mortgages, said: “Paragon has a long association with mortgage lending in Scotland and we have had this launch on our agenda for some time now.

Paragon launched itself as a bank on February 2014 which it said has handed the lender the diversification of funding it needed to drive on its ambitions.

“This is our initial product range for Scotland, and we will be looking to further expand the range in the coming months. The number of households in Scotland’s PRS has more than doubled since 2001, and as demand increases we will be looking to continue to create buy-to-let products that help landlords deliver quality homes for tenants,” said Heron.

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