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Paragon Mortgages has removed its requirement for a floating charge to be secured on all property portfolio applications for limited companies.
The removal of the charge should make it easier for companies to borrow with other lenders when they have a Paragon mortgage, as it frees up company assets within the property portfolio.
Some commercial lenders ask for floating charges, although the bank’s criteria change brings them into line with the rest of the market.
John Heron, managing director of mortgages at Paragon, was quoted as saying: “Paragon is known for its specialist lending capability and particularly its focus on professional landlords.
“For us, it’s all about offering choice and making the portfolio application process as straightforward as possible.”
Call Trinity Specialist Finance on 020 7016 6151 to secure a buy-to-let or limited company mortgage