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Paragon Mortgages – Buy-and-Refurbish To Let

Wednesday, 28th March 2001.



Type: Loan to purchase dilapidated properties and refurbish them, which can then roll into a buy-to-let mortgage.

Tracker term: Up to 12 months.

Tracker rate: LIBOR plus 4 per cent.

Minimum loan: £50,000.

Maximum loan: Up to 70 per cent of original purchase price subject to a maximum of £500,000.

Income multiples: Projected rental income to be at least 130 per cent of monthly mortgage interest plus income and expenditure assessment.

Arrangement fee: 0.5 per cent of loan.

Redemption fee: None.

Conditions: Buildings insurance for properties under construction must be held.

Introducer&#39s fee: 0.5 per cent of loan.

Tel: 0800 440099.

 

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