Paragon, the recently relaunched masters of specialist buy to let including HMO Mortgages and lending to professional landlords have relaunched their prime lending brand ‘Mortgage Trust’. They deliver great rates to prime landlords with simple cases primarily through experienced mortgage brokers.
Landlords will not have direct access to these deals and instead will need to contact their buy to let mortgage broker to discuss their case. With great rates and brokers clamoring to get registered (with specialist buy to let brokers amongst the first to get set up) there is sure to be a lot of interest in their deals.
Just a year after Paragon returned to shake up the buy to let market again and bring some great innovation and products, Mortgage Trust signals their commitment to the market and determination to compete strongly in the ‘prime buy to let’ sector as well as more specialist areas such as HMO’s.
Mortgage Trust has started out by launching a two-year tracker at 3.99% and a two-year fixed at 4.99% and with a maximum LTV of 75% they are certain to be competitive in this market. A fixed rather than percentage fee of just £999 with free valuations and legals on remortgages (product available at time of writing 20th April 2011) will appeal to borrowers long subjected to fees as high as 2.5% on their rivals products.
Mortgage Trust is extremely well regarded within the intermediary community and has an excellent reputation for catering for simple buy-to-let cases.
By utilising technology to a much greater extent in the application process, we will be giving an initial lending decision in minutes. This will deliver a quicker and more efficient process for intermediaries and their landlords.John Heron: Director of Mortgages