Paragon buy to let mortgage best buy
Pargagon Mortgages have been working hard to deliver a new wider range of buy to let mortgage best buy products for their Paragon and Mortgage Trust brands for 2012.
Paragon Mortgages understand the more complex nature of business often associated with professional landlords circumstances. Their new buy to let mortgage best buy products are aimed at simplifying the mortgage application procedure which will make mortgage applications more straight forward.
Interest cover ratios under Paragon Mortgages will be brought in line with the Mortgage Trust brand. With immediate effect, single unit property will benefit from a minimum Interest Cover Ratio (ICR) calculation of 125 per cent at 5 per cent. For a monthly rent of £700, this now means £134,400 can be borrowed, instead of £92,308. This represents an increase of over £42,000 when compared to the previous calculation of 130 per cent at 7 per cent.
Lending can be to individuals as well as via limited companies. The minimum ICR for HMO's and multi unit property remains at 130 per cent at 7 per cent . For Limited Companies, HMO's and multi unit properties, the product loading fee of 0.25 per cent has been taken away.
Their new buy to let mortgage best buy deals include 2 year interest rates starting from 4.70 per cent for trackers and, 5.30 per cent for a fixed rate mortgage. The lender is also offering new 3 year fixed rates starting from 5.65 per cent and a new 5 year tracker at 5.35 per cent to 75 per cent LTV.
