The product offers a 5-year fixed rate starting at 2.99%, with an interest cover ratio (ICR) of 125% x pay rate for limited companies and 145% for individuals.
Fergus Wilson terminated the contracts of four mothers; claiming Ashford Borough Council could fine him £30,000 if he failed to fix faulty boilers and heating systems within four days if there is a baby in the house.
It will refurbish, extend or develop older properties, such as Victorian terraced and semi-detached houses, within easy commuting distance of the City and the West End.
Precise lent £2.4bn in 2017, up from £2bn in 2016, making it the UK’s biggest specialist lender.
The average portfolio size being incorporated also decreased by around 40% during Q2, suggesting smaller-scale landlords are also now realising the increased tax benefits of owning their properties through a limited company.
The building society has also introduced additional flexibility on overall income, by taking into consideration holiday let income where there’s a proven track record. The product is available on purchase and remortgage.
The exclusive products increase the maximum available loan size up to 75% LTV to £750,000, which is £250,000 more than the maximum loan size on the Paragon Bank’s core range.
Lenders that saw their lending levels increase include Paragon, which climbed from the 21st biggest lender to the 19th after upping gross lending by 78%.
The slowdown has been driven by the South and South East of England, with London prices falling by 0.4% year-on-year.
Challenging conditions for landlords and letting agents could cause rent arrears to rise and this scenario is something landlords should be wary of, RentalStep has argued.