Paragon Bank doubled buy-to-let loans

This bank doubled its maximum loan amount for individual property and the buy-to-let borrowing limit with the company.

The total portfolio amount that landlord customers can borrow with Paragon across their entire portfolio has increased £ 5 million, while the maximum loan for a single property has increased £ 2 million.

Additionally, the maximum loan amount has been increased in various loan-to-value bands for both portfolio and non-portfolio landlords.

These include…

80% LTV going from £ 500,000 to £ 750,000
75% LTV from £ 750,000 to £ 1 m
70% LTV from £ 1 m to £ 1.5 m
65% LTV from £ 2 m to £ 4 m

Paragon has made the changes to further support landlords as portfolios grow, while rebalancing them toward larger properties to reflect changing tenant demand.

Paragon defines a portfolio landlord as an individual with 4 or more mortgaged buy-to-let properties.

Paragon’s mortgage director said: “We want to ensure we can support our landlord customers as they grow their business and thrive. A key element of this is creating the financial headroom to facilitate that growth and giving landlords the confidence that they can add new properties to their portfolios”