Mortgage Trust, part of specialist buy-to-let lender Paragon, has made a range of products available for PRS investors in Scotland for the first time since the financial crisis.
Available exclusively to intermediaries, the new Mortgage Trust product range includes 14 competitive fixed rate products, with a variety of terms and loan-to-value (LTV) options.
The new product range includes a two-year fix at 2.99%, with a £495 product fee and up to 65% LTV, and a three-year fix at 3.85% with no product fee and up to 75% LTV. There is also a two-year fix at 4.45%, with no product fee and up to 80% LTV.
For those landlords looking to fix for a longer period, there is also a five-year fix at an initial rate of 3.95%, with a £1,995 product fee and available up to 75% LTV.
All of the new products benefit from a free valuation, and a £150 application fee applies.
John Heron, managing director of mortgages at Paragon, said: “Paragon has a long association with mortgage lending in Scotland and we have had this launch on our agenda for some time now. The diversification of funding that the group has achieved as a result of the launch of Paragon Bank, has facilitated this development and illustrates well the benefits that this strategy of diversification can bring.
“This new competitive product range has been tailored specifically for landlords with properties in Scotland and is available only through intermediaries who are registered with Paragon and Mortgage Trust.
“This is our initial product range for Scotland, and we will be looking to further expand the range in the coming months. The number of households in Scotland’s PRS has more than doubled since 2001, and as demand increases we will be looking to continue to create buy-to-let products that help landlords deliver quality homes for tenants.”
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