Paragon Bank has increased the amount portfolio lenders may borrow across their portfolios and per property.
The lender has also upped the amount both portfolio and non-portfolio landlords may borrow at specific LTV categories.
The total amount portfolio landlords may borrow throughout their entire portfolio has doubled from £5m to £10, while for each property it has increased from £2m to £4m.
Changes at each LTV category are as follows:
Paragon managing director of mortgages Richard Rowntree says: “We want to ensure we can support our landlord customers as they grow their business and thrive.”
“A key element of this is creating the financial headroom to facilitate that growth and giving landlords the confidence that they can add new properties to their portfolios.”
“In addition, we want to support landlords as they pivot their portfolios to adjust for societal changes, such as increased levels of working from home and the desire for more space.”
“That translates into greater demand for larger homes, which is one of the reasons why we have increased our maximum loan amount on an individual property. We’re confident these changes will be welcomed by landlords and mortgage intermediaries.”
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