Paragon is now offering its portfolio mortgage range to landlords in Scotland.
These portfolio products are designed for landlords with four or more mortgaged properties, as well as those operating through limited company or limited liability partnerships.
These mortgages can be used to finance single self-contained units, houses in multiple occupations as well as multi-unit blocks. Products are available for both purchase and remortgages.
Paragon is a specialist buy-to-let lender. It has previously offered buy-to-let loans in Scotland but not on a portfolio basis.
The lender says it will shortly appoint a new regional sales manager for Scotland to support its expansion in this region.
The private rented sector in Scotland has more than doubled in size since 1999, and now accounts for more than a seventh of all homes in Scotland.
It is estimated that the number of private rented properties in Scotland has increased from 224,000 in 2006 to 394,000 in 2016.
Paragon’s director of mortgages John Heron says: “The introduction of new PRA underwriting rules for portfolio landlords has impacted the buy-to-let market across the UK and we’re delighted to extend our portfolio range into the Scottish market.”
