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3mc launches buy to let exclusives with Paragon Bank

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  • 18/07/2018
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Specialist mortgage distributor 3mc has launched exclusive buy-to-let products with Paragon Bank in the lender’s portfolio range.

 

 

The exclusive products increase the maximum available loan size up to 75% loan-to-value (LTV) to £750,000, which is £250,000 higher than the loan size cap on Paragon Bank’s core range.

The products are available to limited companies and individuals, and on HMOs and multi-unit blocks, as well as standard properties.

The five-year fixed rates start from 3.75% and the minimum required rental coverage is 125% at 4%. The products also include a free standard valuation and £500 cashback and are available for purchase and remortgage in Scotland as well as England and Wales.

Doug Hall, director of 3mc, said: “Portfolio buy to let landlords are becoming more sophisticated and we have seen a growing demand from brokers whose clients are looking for larger loan sizes, particularly when it comes to investing in HMOs and multi-unit blocks.”

Hall continued that he thinks there is a sustainable market for higher loan to values on lower yield properties in the South East.

He added that specialist lending on HMOs, holiday lets and limited company is likely to bolster the buy-to-let market to a predicted £32bn this year.

“We are starting to see other lenders venturing into holiday lets or Airbnb and specialist lenders not already in it are considering limited company mortgage launches,” he added.

Moray Hulme, head of sales at Paragon Bank said higher numbers of landlords are looking to grow and diversify portfolios.

“We worked with Doug and his team at 3mc to develop these exclusive products and look forward to helping to fund the growing ambitions of portfolio buy-to-let investors,” said Hulme.

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