“The introduction of the new PRA underwriting rules for portfolio landlords has impacted the buy-to-let market across the UK”
Paragon is expanding its buy-to-let mortgage offering in Scotland to include mortgage products for portfolio landlords.
Available 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, HMOs and multi-unit blocks, with products available for purchase as well as remortgage.
Paragon plans to announce a new regional sales manager dedicated to the Scottish market in the near future.
The private rented sector in Scotland has more than doubled in size since 1999, and now accounts for more than a seventh of all homes in Scotland. It is estimated that the number of private rented properties in Scotland has increased from 224,000 in 2006 to 394,000 in 2016.
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.”