Kensington and Paragon are brands synonymous with the amazing boom times of the mortgage industry. To some extent they stepped back from the market when conditions in the international finance markets froze. The mainstream lenders were unable or unwilling to assist with as wide a range of criteria as they had previously as demand for their funds hugely outstripped supply.
As conditions have returned to a somewhat more normalised state we have seen the introduction of new lenders such as Aldermore and a gradual improvement of the lending criteria put out by the mainstream. Nonetheless a significant gap has remained in the portfolio of lending products available to the professional landlord – a client who often needs a very specialist type of buy to let mortgage or commercial loan.
Kensington and Paragon have burst back into the market this year and instantly started to push back the boundaries and make matters significantly easier for professional landlords. Times are still tough in the lending market and these specialist lenders need a specialist adviser to ensure cases go smoothly but the era of withdrawal of products is over.
Here at ProBuyToLet we are welcoming in the new era – the era of renewed product availability.