Paragon Introduces Flexible Refurb-to-Let Financing for Landlords
Paragon has entered the "Refurb-to-Let" market, joining other lenders in offering innovative products designed for landlords aiming to modernise and refurbish their properties. This new range provides a convenient alternative to traditional bridging loans, allowing borrowers to apply for a Buy-to-Let mortgage simultaneously, thereby streamlining the refinancing process.
Paragon specifies that these refurbishments involve improvements that do not require planning permission or structural changes to the property. This product is also ideal for minor HMO adaptations.
Key Features of Paragon’s Refurb-to-Let Range:
- Loan to Value (LTV): Up to 75% LTV for both purchases and remortgages.
- Mortgage Terms: Flexible terms ranging from one to six months.
- Loan Amounts: Borrow between £30,000 and £1 million.
- Repayment Options: Options include rolled-up or monthly serviced interest payments.
- Seamless Transition: A single application process that transitions into a traditional Paragon Buy-to-Let mortgage at the end of the term.
- Property Type: Suitable for single self-contained properties, HMOs, and multi-unit blocks across England, Scotland, and Wales.
Louisa Sedgwick, Commercial Director for Mortgages at Paragon Bank said: “We’re really excited to launch our new refurb-to-let proposition. Our refurb-to-let product is tailor-made 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 that result in a nicer living environment for tenants.”
The Importance of Expert Guidance
Securing a mortgage is a significant financial commitment and can be complex. Seeking advice from a mortgage consultant is crucial to ensure you choose the right product and lender that suits your specific needs and circumstances.
Our experienced mortgage consultants are ready to assist you with personalised guidance every step of the way. For an initial consultation, speak with our experts or call us at 01628 564631. We're here to help you navigate your mortgage journey with informed advice and care.
Take the first step towards securing your mortgage today.
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.
Source: Paragon Bank
