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.”