Paragon has expanded its buy-to-let mortgage offering in Scotland to include products for portfolio landlords.
The new mortgage range is designed for landlords with at least four mortgaged properties, as well as those operating in limited companies and limited liability partnerships.
The portfolio range can be used to finance single self-contained units, houses in multiple occupation and multi-unit blocks, with products available for purchase as well as remortgage.
The new products, aimed at landlords with larger and more complex portfolios, will complement Paragon’s existing buy-to-let mortgage deals in Scotland.
Following the introduction of the Prudential Regulation Authority’s (PRA’s) detailed underwriting rules for portfolio landlords at the end of last year, several lenders have chosen to focus solely on the non-portfolio segment of the market or to limit the scope of their portfolio products.
Paragon’s portfolio range has enjoyed strong success in England and Wales and the Scottish launch offers an opportunity to extend competition and choice for intermediaries and landlords operating in the portfolio segment north of the border.
John Heron, director of mortgages at Paragon, 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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