If you’ve already got a buy-to-let mortgage with Paragon and you want to borrow more to upgrade your current property or expand your portfolio, a further advance could be the ideal way to raise more capital. Now available online, Paragon’s further advance application process is quicker than ever, helping you to move your business forward.
What’s changed
A further advance is an advance of funds against a property that’s already mortgaged with Paragon, releasing additional capital and enabling a landlord to fund further property-related investment.
It’s typically quicker than applying for a new mortgage and, at Paragon, it’s also possible to combine a product switch and a further advance as an alternative to remortgaging.
Landlords can now apply for a further advance either directly or through their mortgage intermediary using our new online system.
Crucially, after collecting key information about you, your property and your rental income, the online system will outline the further advance products that are available to you and lead you through the online application process.
How does it work
Once submitted online, your application will then proceed through all our usual property valuation and underwriting checks.
Applicants might need to provide more information at this stage but, subject to meeting all the relevant criteria, and the valuation and paperwork being in order, the advance should go ahead. Unlike a new mortgage application, solicitors don’t typically get involved in a further advance. In addition, as we already have an existing relationship with you, things are often more straightforward.
Find out more
Our further advance mortgage products for non-portfolio landlords currently start at 3.70% for a two year fixed rate at 75% LTV for SSC (Single self-contained) units and at 3.90% for portfolio landlords. For more information about our further advance facility, please visit our website, contact us:
28 February 2018