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  • Mortgages & Finance

    Short Term to Let mortgage One App two Offers

    Paragon has introduced a new range of short-term finance products to assist with buy and refurb property projects.

    The range will cover standard, light and heavy refurbishment projects, and also extends to projects involving a change of use for HMOs and multi-unit conversions.

    Their new short term finance range includes:

    • Standard refurbishment – perfect for properties that don’t required any significant improvements
    • Light refurbishment – perfect for properties that just need a little cosmetic work or change of use for small HMOs
    • Heavy refurbishment – perfect for properties undergoing major refurbishments where planning permission, development rights or building regulations are needed

    ​​and the exciting new .....

    • Short-term to let – perfect for those who want to apply for short term finance and a buy-to-let mortgage at the same time

    By offering a range of finance options, Paragon now give you the flexibility of financing a refurbishment project by providing quick turnaround funding. In addition, an application will be underwritten by the same underwriter as the buy-to-let mortgage and these two deals will benefit from reduced application fees.

    The new options have been designed to help landlords to purchase and improve properties, and for those looking to upgrade already-owned property to achieve higher yields.

    Other features;

    Loans are available up to £1m, with LTVs ranging from 65–75%.

    Terms are offered from one to 12 months, depending on the loan, and the loans come with a choice of either monthly payments or rolled up interest.

    Landlords applying for standard and light finance with a maximum term of six months can opt for a simultaneous short-term finance and BTL mortgage application on the same property.

    The same underwriter will be assigned to both of these applications to improve continuity, and customers can benefit from reduced mortgage application fees.

    The products will also be applicable to those that need planning permission, permitted development rights or building regulations.

    If you have a specific project in mind, contact the Property Tribes Financial Services team on 01206 654 444 or advice@ptfs.co.uk  anytime.

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