Brokers can now secure a product switch with Paragon Bank 6 months prior to their client’s current deal expiring. This enables a fixed rate to be secured now but they still have the flexibility to select another product should rates drop before the switch completes.
Given the importance of retaining business and the associated work involved from brokers, Paragon has reviewed the proc fee payable and this has increased on all switch requests submitted from 1st March onwards
Following the success of their Portfolio Buy to Let proposition in November 2021, Molo Finance is pleased to announce a change to their criteria to now allow clients with larger portfolios to benefit from Molo’s competitive rates and criteria.
As of Thursday 3rd March 2022 clients with portfolios of up to 20 mortgaged properties will be able to apply to Molo for lending!
Molo’s buy-to-let lending criteria for portfolio landlords:
Eligibility requirements:
- Maximum of 20 mortgaged buy to lets across all applicants including the security
- No limit to the number of unencumbered properties
- Full BTL product range applies including 5-year-fixed rates
- Available to individual and SPV borrowers
Background portfolio criteria:
- Maximum background portfolio LTV of 80%
- Background portfolio interest cover requirement is 100% stressed at 5.5%
- Details of assets and liabilities, and cash flow required at underwriter’s discretion
See how Molo can help you and your Portfolio Clients by visiting their Broker Page.
