Paragon has introduced an extended range of portfolio and non-portfolio buy-to-let mortgage products.
The specialist bank has also removed the requirement of a floating charge on applications from limited companies incorporated solely for holding and letting residential properties.
The new products in the portfolio buy-to-let range include a two-year fixed rate at 3.49% up to 80% LTV on single self-contained (SSC) units, and a two-year fixed rate at 3.69% for borrowing up to 80% LTV on HMO and MUB properties.
Four new portfolio switch products include a two-year fixed rate at 3.99% on borrowing up to 80% LTV on SSC units.
Paragon's new non-portfolio further advance buy-to-let range includes a two-year fixed rate at 3.55%, and a five-year fixed rate at 3.9%, which are both for borrowing up to 80% LTV on SSC units.
The decision to remove the requirement for a floating charge on applications from limited companies will improve the service delivery and simplify the application process for brokers and customers.
The specialist bank has also launched a new CaseTracker app for intermediaries to manage their buy-to-let mortgage applications quickly and simply via a mobile, tablet, laptop or desktop device.
Inside the app, intermediaries will be able to:
- view their current list of pre-offer applications and associated outstanding tasks
- select an account and view the tasks by open, pending and completed
- respond to an outstanding task through the app, by uploading any comments and documents directly to Paragon's underwriting system
- call or email the customer relationship team directly from the app.
John Heron, managing director of mortgages at Paragon (pictured above), said: “Paragon has always been known for its specialist lending capability and particularly its focus on professional landlords.
“These new competitive products for portfolio landlords underline this approach and are supported by ongoing developments in our lending policy and service delivery.
“For us, it's all about offering choice and making the portfolio application process as straightforward as possible.
“This extended range of products, along with the removal of floating charges, valuation and admin fees, and the ability to manage everything online or through the CaseTracker app does just that.”
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