Paragon is expanding its buy-to-let mortgage offering in Scotland to include mortgage products for portfolio landlords.
Available in Scotland from today, Paragon’s portfolio range is designed for landlords with four or more 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 (SSC), houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), with products available for purchase as well as remortgage.
Paragon has offered a limited range of buy-to-let mortgage products in Scotland for some time and today’s move adds a new layer of products suitable for landlords with larger and more complex portfolios.
Following the introduction of the Prudential Regulation Authority’s (PRA’s) detailed underwriting rules for portfolio landlords at the end of 2017, 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 believes its Scottish launch offers an opportunity to extend competition and choice for intermediaries and landlords operating in the portfolio segment north of the Border.
The lender says it plans to announce a new regional sales manager dedicated to the Scottish market in the near future.
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.”