Mortgage Trust taking consumer buy-to-let applications
Paragon Mortgages has announced it will also be accepting consumer buy-to-let mortgage applications through its sister brand Mortgage Trust.
The buy-to-let specialist’s online system is ready for brokers to use ahead of the industry implementation date of 21 March.
All of Mortgage Trust’s product range will be available to consumer buy-to-let customers.
The specialist buy-to-let lender has highlighted some examples of cases that is it likely to accept. This includes a first-time landlord who is remortgaging a property they have inherited and will be letting out.
The bank will also lend to a first-time landlord who chooses not to sell their existing home having then decided to rent it out and finance it with a buy-to-let mortgage.
Paragon will accept consumer buy-to-let applications from brokers who are registered with the Financial Conduct Authority to submit consumer buy-to-let business.
John Heron, director of mortgages at Paragon, said: “We are pleased we have been able to launch our consumer buy-to-let application process ahead of 21 March when MCD (Mortgage Credit Directive) takes effect.
“While the proportion of this type of business is not huge across the industry, it is a potentially important gateway to property investment for first-time landlords and should be supported.”
To secure a consumer buy-to-let mortgage call Trinity on 020 7016 0790.
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