Aldermore, Paragon and Virgin Money update product offerings

Aldermore launches bridging and property development offering in Scotland, while Virgin Money cuts buy to let rates and Paragon up-dates limited company criteria.

Aldermore has extended its bridging and property development lending into Scotland.

The lender’s product range will now provide property finance from development to refurbishment at a time when, it says, the housing market north of the border is starting to show signs of renewed confidence.

Charles Haresnape, group managing director of mortgages at Aldermore, said:

“Scotland is a key segment of the UK property market and one that is showing strong signs of growth with an estimated 465,000 new homes needed by 2035. Bridging and property development finance are both vital segments of the housing market and we are happy to help developers and investors by providing a selection of flexible finance options to get closer to this goal.”

Aldermore currently offers products for residential, buy to let and commercial mortgages in Scotland.

Paragon Mortgages, meanwhile, has revised its lending criteria for limited company landlords.

In response to recent government announcements about changes in tax relief, the buy to let mortgage lender has removed the exclusivity borrowing restriction for limited company landlords, allowing them to make the best use of holding their properties in a corporate structure.

John Heron, director of mortgages at Paragon said:

“We know from our latest research there is an increasing number of landlords looking into whether to incorporate, some 41% were at least considering whether to do this in Q4 last year. Therefore, we have updated our criteria to allow limited company landlords to have borrowings elsewhere too. This demonstrates our continued commitment to working with our landlord customers to understand their bespoke requirements and also adapt as the market changes.”

Virgin Money has also revised its buy to let offering, introducing reductions of up to 0.11% on selected 75% loan-to-value (LTV) three and five-year fixed rate mortgages.

Virgin Money’s three-year fixed rate buy to let mortgage is now available at 3.74% with a £995 fee and £500 cashback, while its five-year fixed rate is on offer at 3.69% with a £1,995 fee and £500 cashback.

The five-year fixed rate deal is also available at 3.79% with a £995 fee and £500 cashback.

The lender is offering intermediary exclusive deals for a limited period, increasing cashback from £500 to £750 on selected buy to let products.

£1,500 cashback will remain available on Buy to Let Stamp Duty Buster products.