Paragon Returns To Buy To Let Mortgage Market
28 September 2010 / by Rachael Stiles
Paragon, the buy-to-let mortgage specialist, has said it is to deliver on its commitment to return to new lending,
Paragon has said it intends to reclaim its “market-leading position in the buy-to-let sector” offering a wider choice and more competition for landlords looking for a buy-to-let mortgage.
The lender believes this sector is currently being neglected by the rest of the mortgage market, and pledges to offer a range of new products, including fixed rate mortgages from 5.30 per cent and tracker mortgages from 4.30 per cent.
The buy-to-let sector played a primary role in the housing boom and was one of the first sectors to suffer when the financial crisis saw lending dry up; Paragon Mortgages ceased to write new lending in 2008.
Its position as a buy-to-let specialist means that Paragon Mortgages can offer lending facilities to groups that are not widely catered for by other lenders, such as limited companies, multi-unit blocks, and Houses in Multiple Occupation.
Paragon has said it will focus on “long-term customer relationships, credit quality and profitable products” rather than market share, while it maintains “a prudent and risk-averse approach to new lending.”
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