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Paragon Bank launches finance product to help landlords upgrade properties

Paragon Bank launches finance product to help landlords upgrade properties
Christina Hoghton
Written By:
Christina Hoghton
Posted:
14/06/2024
Updated:
14/06/2024

Specialist buy-to-let (BTL) lender Paragon Bank has introduced a new refurb-to-let proposition.

The finance products from Paragon Bank are aimed at helping landlords to upgrade or refurbish their properties.

The two refurb-to-let products are designed for properties that need some modernisation but not structural changes, generally defined as works where no planning permission and building regulations are required.

The products are also suitable for small house in multiple occupation (HMO) adaptations.

What’s on offer?

The loans are available at up to 75% of the property’s value, initially over a 1-6-month term, and monthly product rates start from 0.75%.

Following the term, landlords switch to a buy-to-let (BTL) mortgage, selecting from any appropriate Paragon product.

Landlords choosing a refurb-to-let product also apply for a BTL mortgage at the same time, reducing processing times and saving on future application fees.

The products are available for single self-contained properties, as well as HMOs and multi-unit blocks in England, Scotland and Wales.

Louisa Sedgwick, commercial director for Mortgages at Paragon Bank, said: “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.”

Related: Paragon Bank makes mortgage range simpler for landlords