Paragon Bank has introduced two new refurb-to-let products to support landlords in upgrading their properties.
The offering is designed for properties requiring modernisation but not structural changes, generally defined as works where no planning permission and building regulations are required.
“Upgrades could focus on improving the sustainability of properties or making general improvements that result in a nicer living environment for tenants,” said Louisa Sedgwick, commercial director for mortgages at Paragon Bank.
Following the refurb and term of the product, landlords will be able to switch to a Paragon BTL mortgage.
Landlords using the refurb-to-let loan will apply for a BTL mortgage at the same time, reducing processing times and removing additional application fees.
Louisa added: “We also know that some landlords and brokers are sometimes reluctant to take out bridging finance, so this product is a great alternative.
“We’ll assess refurb-to-let applications alongside BTL applications, so landlords will benefit from a faster turnaround and the expertise of the same underwriter working on both elements.”
