The total amount customers can borrow with Paragon across their portfolio has increased from £5m to £10m, while the maximum loan amount on each individual property was upped from £2m to £4m.

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In addition, the lender has increased the maximum loan sizes across several LTV bands for both portfolio and non-portfolio borrowers, including: 

• 80% LTV – from £500,000 to £750,000
• 75% LTV – from £750,000 to £1m
• 70% LTV – from £1m to £1.5m
• 65% LTV – from £2m to £4m

Richard Rowntree, director of mortgages at Paragon Bank (pictured above), said: “We want to ensure we can support our landlord customers as they grow their business and thrive. 

“A key element of this is creating the financial headroom to facilitate that growth and giving landlords the confidence that they can add new properties to their portfolios. 

“In addition, we want to support landlords as they pivot their portfolios to adjust for societal changes, such as increased levels of working from home and the desire for more space. 

“That translates into greater demand for larger homes, which is one of the reasons why we have increased our maximum loan amount on an individual property. 

“We’re confident these changes will be welcomed by landlords and mortgage intermediaries.”