Paragon launches refurb-to-let mortgage

Paragon launches refurb-to-let mortgage

0:04 AM, 13th June 2024, About a month ago

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Landlords wanting to modernise a rented property can now take advantage of new, streamlined mortgage options from Paragon Bank.

It has launched a refurb-to-let proposition which offers financing specifically designed for upgrades that don’t require structural changes or planning permission.

This solution caters to landlords wanting to improve the overall condition of their properties, including renovations for better energy efficiency or creating a comfortable living space for tenants.

‘Refurb-to-let product is tailormade for landlords’

Paragon’s commercial director for mortgages, Louisa Sedgwick, said: “Our refurb-to-let product is tailormade for landlords looking to update their property, with a choice of rates and terms available, plus the ability to apply for a buy to let application at the same time.

“Upgrades could focus on improving the sustainability of properties or making general improvements.”

She 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 buy to let applications so landlords will benefit from a faster turnaround and the expertise of the same underwriter working on both elements.”

Initial term of one to six months

The lender’s refurb-to-let mortgages come with rates starting at 0.75% and are available for an initial term of one to six months, with a maximum loan-to-value ratio of 75%.

Following the initial term, the mortgage will transition into a standard BTL product offered by Paragon.

Landlords can apply for both the refurb-to-let and the buy-to-let mortgage simultaneously, eliminating the need for separate applications and reducing processing times.

This removes the additional fees often associated with bridging finance.

The refurb-to-let mortgages are available for various property types, including single-unit dwellings, HMOs (Houses in Multiple Occupation), and multi-unit blocks across England, Scotland and Wales.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

Contact Brooklands Commercial Finance

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