Paragon Mortgages is launching a new product range aimed at professional landlords with larger-scale portfolios, available through an exclusive distribution network. Paragon Premier features enhanced criteria and offers lifetime trackers starting at 4%, three-year fixes starting at 3.55% and five-year fixes at 4.50%. The new product range also includes loan-to-values of up to 80%. John […]
Paragon Mortgages is launching a new product range aimed at professional landlords with larger-scale portfolios, available through an exclusive distribution network.
Paragon Premier features enhanced criteria and offers lifetime trackers starting at 4%, three-year fixes starting at 3.55% and five-year fixes at 4.50%.
The new product range also includes loan-to-values of up to 80%.
John Heron, managing director of Paragon Mortgages, said: “These new products are designed for top-end professional landlords, specifically those that hold their portfolios in special purpose companies.
“As this is a pilot scheme for more complex buy-to-let cases, we are working with a limited number of specialist intermediaries with a proven track record in the market. Whilst we have been working on this development for some time, we do expect that interest in the scheme will be boosted by the proposals to limit landlord tax relief in the Summer Budget.”
Chancellor George Osborne announced in the Summer Budget that the government would be cracking down on mortgage tax relief, which is estimated to cost the Treasury £6.3 million a year.
The move will see the amount landlords can claim as relief set at the basic rate of tax, which is 20%.
Currently, landlords can claim tax relief on monthly interest repayments at the top level of tax they pay, meaning the wealthiest can claim as much as 45%.
