Editor's note: This brief was summarised by The Property AI Newsroom from a report by Landlord Today. Read the original article for full details.
Paragon Bank Streamlines Buy-to-Let Further Advance Process
Paragon Bank has enhanced its buy-to-let mortgage further advance proposition, according to a report by Landlord Today. The lender has streamlined the application process, reduced the minimum loan size to £2,000, and lowered rates by 20 basis points.
Where no property inspection is required, Paragon Bank can now issue offers in as little as 48 hours. Landlords may receive funds within 24 hours of the lender receiving a signed offer acceptance.
The further advance proposition will utilise automated valuation models and other data sources to reduce the need for in-person property revaluations.
These changes are relevant for letting agents and inventory clerks who work with landlords seeking to access additional funds quickly and efficiently.
Source: Landlord Today