Paragon Bank has reduced its minimum BTL loan size and cut rates by 20bps.
Following broker feedback, the minimum loan amount has been reduced to £2,000 as part of a wider move to streamline the bank’s application process.
Where no property inspection is required, Paragon can now issue offers in as little as 48 hours.
Paragon’s rates now start at 6.25% for five-year fixed-rate mortgages, available at up to 75% LTV for single self-contained (SSC) properties.
Two-year fixes are also available, with rates starting at 6.40%. The equivalent products are also available for HMOs and MUFBs, priced 20bps higher than the SSC loans.
Paragon expects further advance loans as more landlords seek to improve the energy efficiency of their properties to meet new regulatory requirements.
“We’ve moved our further advance proposition onto our enhanced origination platform, with brokers benefiting from the same ease of use, clear and easy layout and intuitive design,” said Andrew Smart, head of mortgages transformation at Paragon Bank (pictured above).
“This makes the process simpler for brokers and their landlord clients, providing quicker release of funds where we don’t need to inspect the property.
“Making this finance quicker and easier to access will be particularly beneficial for those investing to remain compliant with new regulations, such as the forthcoming changes to the PRS Minimum Energy Efficiency Standards.”
