Landlords can now borrow up to £800,000 at 80% LTV, an increase of £50,000, and those borrowing up to 75% and 70% LTV will be offered the option to take an additional £200,000 of lending, as maximum loan caps increase to £1.2m and £1.7m respectively.
For individual landlords with three or fewer mortgaged buy-to-let (BTL) properties, Paragon Bank has introduced a new maximum loan of £2m at 65% LTV.
For those with four or more mortgaged BTL properties, limited companies and applications for houses in multiple occupation (HMOs) or multi-unit blocks (MUBs), the maximum for 65% LTV remains unchanged at £4m.
In addition, Paragon Bank has also removed the minimum income requirement for landlords who own four or more BTL properties. This was previously £25,000.
Russell Anderson (pictured), Paragon Bank Mortgages’ commercial director, said: “These new maximum loan limits deliver more flexibility to our customers, enabling them to target a wider range of buy-to-let propositions. This year has been busy, with the launch of our mortgage origination platform, streamlined application process for simple cases, our new multi-property proposition and now these latest changes.
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“This is just the start. We have further exciting product innovations up our sleeve that we are excited to launch in the coming months. We celebrated 30 years in buy to let this year and we continue to evolve to benefit landlord and broker partners.”
Last month, Paragon Bank appointed Simon Glass as its head of mortgage operations, a newly created role for the business.
