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50 new mortgage products for landlords

Of the new products 44 sit under the main Paragon Mortgages brand, and have been designed especially to cater for the professional landlord. Existing criteria has been changed so that it is more flexible for intermediaries to source the best possible products to suit their clients' needs, Paragon said.
The six new products launched under the Mortgage Trust brand have been created with the smaller scale landlord in mind. Intermediaries will find a more stream lined process when fielding applications, including a criteria change allowing a more flexible approach to minimum income levels.
‘The new mix of products has been created to enable intermediaries to offer their landlord clients a flexible and open approach when looking for a buy to let mortgage. I would encourage intermediaries not to shy away from approaching us if they receive a more complex or unusual request from a professional landlord as we have extensive knowledge of how they operate, the type of funding they require and specific expertise in dealing with complex buy to let property purchases,’ said John Heron, managing director of Paragon Mortgages.

‘One of Paragon's key advantages is its ability to use its experience to look through the detail at the fundamentals of risk, and exercise a good degree of flexibility around non-core aspects of a proposal,’ he added.

Tenant demand is set to continue to increase over the next 12 months and more pressure will be put on the Private Rented Sector to cater for this influx, in order to do this professional landlords need access to products that meet their specific requirements so that they can grow their business.

‘The PRS undoubtedly needs to expand this year to meet the growing demand. We hope that the creation of these new products will help intermediaries increase their offering to landlords and write more quality business,’ explained Heron.