Paragon Bank has increased its maximum loan limits across its buy-to-let mortgage range and removed minimum income requirements for portfolio landlords, offering greater flexibility to investors.
The changes form part of the lender’s ongoing product evolution following the launch of its new bespoke mortgage origination platform earlier this year.
The updated limits mean landlords can now borrow up to £800,000 at 80% LTV, up from £750,000, £1.2m at 75% LTV, up from £1m, and £1.7m at 70% LTV, up from £1.5m.
In addition, a new maximum loan of up to £2m at 65% LTV has been introduced for individuals with three or fewer mortgaged buy-to-let properties.
For landlords with four or more mortgaged properties, limited companies and applicants for HMOs or multi-unit blocks, the £4m maximum at 65% LTV remains unchanged.
Paragon has also removed the £25,000 minimum income requirement for portfolio landlords, enhancing access for professional investors.
The update follows the introduction of a streamlined process for landlords with fewer than 15 properties and the launch of Paragon’s new multi-property proposition in November, which allows up to 99 properties in a single application and includes one ILA certificate for the entire case.
Russell Anderson, Paragon Bank mortgages commercial director, said: “These new maximum loan limits deliver more flexibility to our customers, enabling them to target a wider range of buy-to-let propositions.
“This year has been busy, with the launch of our mortgage origination platform, streamlined application process for simple cases, our new multi-property proposition and now these latest changes.
“This is just the start. We have further exciting product innovations up our sleeve that we are excited to launch in the coming months.
“We celebrated 30 years in buy-to-let this year and we continue to evolve to benefit landlord and broker partners.”
