Mortgage Trust, part of the Paragon Group of Companies, has returned to new lending with a range of remortgage buy-to-let products.
It halted new lending the same time as its sister company, Paragon Mortgages, in February 2008. Paragon Mortgages returned to new lending in September last year, after securing a £200m revolving credit facility from Macquarie Bank. However, MT would not disclose how much it is looking to lend.
MT caters for the smaller scale landlords who are looking to purchase single, self-contained properties.
The new products are available exclusively to intermediaries, through a newly launched website.
Mortgage Trust’s products include a two-year tracker at 3.99 per cent and a two-year fixed rate at 4.99 per cent. Both products are available up to a maximum loan-to-value of 75 per cent and have a fixed fee of £999.
Director of mortgages John Heron says: “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.”