Paragon Bank Launches Refurb-to-Let Products
Paragon Bank has introduced a new refurb-to-let proposition, offering landlords finance to upgrade their properties. The two refurb-to-let products are designed for properties requiring 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 houses in multiple occupation (HMO) adaptations.
Upgrading properties for a nicer living environment
Available at up to 75% loan-to-value, initially over a one-to-six-month term, monthly product rates start from 0.75%. Following the term, landlords switch to a buy-to-let mortgage, selecting from any appropriate Paragon product.
“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” - Louisa Sedgwick, commercial director for mortgages at Paragon Bank.
Landlords opting for refurb-to-let products also apply for a buy-to-let mortgage at the same time, reducing processing times and not incurring any additional application fees.
Small HMO adaptations made easy
The products are available for single self-contained properties, as well as HMOs and multi-unit blocks in England, Scotland, and Wales.
“Upgrades could focus on improving the sustainability of properties or making general improvements that result in a nicer living environment for tenants.” - Louisa Sedgwick.
She added: “We also know that some landlords and brokers are sometimes reluctant to take out bridging finance, so this product is a great alternative. We’ll assess Refurb-to-Let applications alongside buy-to-let applications so landlords will benefit from a faster turnaround and the expertise of the same underwriter working on both elements.”
Streamlined refurb-to-let process
Paragon Bank’s refurb-to-let products offer a convenient solution for landlords looking to upgrade their properties while minimising processing times and costs.
