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Paragon extends larger loan product range

Paragon Bank is broadening its buy-to-let larger loan offering to include Houses in Multiple Occupation (HMOs) and multi-unit blocks (MUBs).

The new 75% loan-to-value (LTV) product, which is available on loans between £350,000 and £1 million, has an interest rate of 3.60%, an APRC of 4.30% and includes a free mortgage valuation. With the £3,500 product fee and £299 application fee fixed regardless of the loan amount, Paragon says that the mortgage represents value for landlords who wish to finance higher value purchases.

The new product bolsters the specialist lender’s larger loan product range. It joins the option for single self-contained (SSC) properties launched in December 2020.

Moray Hulme, Paragon Director of Mortgage Sales, said: “Following the success of the larger loan mortgage we launched in December last year, we’re extending our 75% LTV larger loan range with a new product that is available for HMOs and multi-unit blocks.

“We’re always looking for ways to provide brokers with competitive mortgages that meet the needs of landlords and we feel that this latest product caters particularly well to those who are developing their portfolios by adding higher value properties.”