Speaking at the Buy to Let Market Forum 2015 in Cardiff today, head of sales, Moray Hulme, (pictured) said the product, which requires landlords to carry out modest improvements to a property within two months, was sometimes taking borrowers up to five or six months.
He added the product came with straightforward requirements and that on some occasions the mortgage had not been used in the way the product was intended.
Paragon launched the refurbishment loan onto the market in December 2013.
Hulme said: “We’re going to be evaluating the amount of business we take on the refurbishment mortgage against the amount of administration work done on it.”
Over 80 mortgage advisers attended the forum at Cardiff City FC’s stadium today and listened to presentations from Santander, mortgage desk 3mc, Kensington, NatWest and Aldermore.
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