UK challenger bank and specialist buy-to-let (B2L) lender Paragon has announced that it is extending its portfolio mortgage products to the Scottish market, available for limited company landlords, houses in multiple occupation (HMOs) and multi-unit blocks.
The lender’s portfolio range is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies and limited liability partnerships.
Paragon has said that the portfolio range can be used to finance single self-contained units (SSC), HMOs and multi-unit blocks, with products available for purchase and remortgage.
Following the introduction of the PRA’s detailed underwriting rules for portfolio landlords at the end of 2017, several lenders have chosen to focus solely on the non-portfolio segment of the market, or to limit scope to their portfolio products.
The bank plans to announce the new regional sales manager dedicated to the Scottish market in the “near future”.
Paragon director of mortgages John Heron said: “The introduction of the new PRA underwriting rules for portfolio landlords has impacted the buy-to-let market across the UK and we’re delighted to extend our portfolio range into the Scottish market. Demand for portfolio lending is on the increase in Scotland and with fewer lenders choosing to offer suitable products for this segment, we have a unique opportunity to bring improved choice and competition for those looking to invest.”
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