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Paragon reduces rent income requirements for B2L deals

Paragon Mortgages has lowered its rental income requirement and launched a new range of products.

The lender is reducing its rental income requirement for single unit properties from 130% at 7% down to 125% at 5%.

Its calculation for houses in multiple occupation and multi-unit properties remains at 130% at 7%.

A spokeswoman for the lender says the change makes its offering more competitive for landlords.

Further, Paragon Mortgages’ sister company, Mortgage Trust, is to scrap its minimum income requirement of £40,000 a year.

Paragon Mortgages’ minimum income requirement remains at a combined annual income of £25,000. In addition, Paragon Mortgages has launched a suite of 44 products, plus another six under the Mortgage Trust brand.

John Heron, managing director of Paragon Mortgages, says: “I would encourage intermediaries not to shy away from approaching us if they receive a more complex or unusual request from a professional landlord as we have specific expertise in dealing with complex buy-to-let property purchases.”

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Marketwatch – January 2012

So here we all are in 2012 and welcome to my inaugural Marketwatch column. Stepping into the shoes of Jonathan Cornell is more than a little daunting and I will do my best to honour the spirit of the column while offering my own strange spin on events.

Stormy waters leave forecasters all at sea

For the last couple of years, the mortgage market has traded in a very narrow range. Last summer showed some signs of an underlying improvement in volumes but the onset of the euro crisis and extremely disappointing UK economic growth figures have dampened any prospect of recovery.

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