The bank has announced that from today its buy-to-let mortgage range will include products for expat landlords with rental property in the UK and for UK holiday lets.
According to Paragon, mortgages for expat landlords are available at ratios of up to 70% LTV for loan amounts up to a maximum of £750,000 and at LTVs up to 65% for loan amounts up to a maximum of £1 million. Mortgages for holiday lets are available up to a 70% LTV for loan amounts up to a maximum of £500,000.
All of Paragon’s new products are available via mortgage intermediaries for individual and limited company landlords with single, self-contained units.
Paragon’s expat mortgages can be used by landlords based in over 30 overseas countries to finance property in the UK. Landlords must hold a current UK passport, have held a UK bank account for at least three years and use a managing agent.
Paragon’s holiday let mortgages can be assessed on Assured Shorthold Tenancy (AST) rental income or proven, historic holiday let income.
John Heron, Managing Director of Mortgages at Paragon said: “We are really pleased with these product changes and hope that they will be received well by our intermediary partners. We have looked very carefully at the customer journey for expat buy-to-let landlords and have identified a number of areas where we think it can be simplified and improved. Similarly, with our holiday let criteria we are recognising how landlord strategies can change in the face of a more fluid rental market.”