"We want to ensure we can support our landlord customers as they grow their business and thrive."
The total amount portfolio landlord customers can borrow with Paragon across their portfolio has increased from £5 million to £10 million, whilst the maximum loan on an individual property has risen from £2 million to £4 million.
In addition, the maximum loan amount has increased across several LTV bands for both portfolio and non-portfolio landlords.
Landlords can now borrow £750,000 at 80% LTV, £1 million at 75% LTV, £1.5 million at 70% LTV, and £4 million up to 65% LTV.
Richard Rowntree, managing director of mortgages at Paragon Bank, said: “We want to ensure we can support our landlord customers as they grow their business and thrive. A key element of this is creating the financial headroom to facilitate that growth and giving landlords the confidence that they can add new properties to their portfolios.
“In addition, we want to support landlords as they pivot their portfolios to adjust for societal changes, such as increased levels of working from home and the desire for more space. That translates into greater demand for larger homes, which is one of the reasons why we have increased our maximum loan amount on an individual property. We’re confident these changes will be welcomed by landlords and mortgage intermediaries.”
