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Paragon mortgages - review


suhu

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Hello,

 

I am looking to take a buy to  let mortgage through a limited company. Got a deal with Paragon mortgages. 

 

Then one of the brokers mentioned they are a nightmare to deal with. They take a long time to process and then decline the application.  

 

Came across this link https://uk.trustpilot.com/review/www.paragon-mortgages.co.uk which has very bad reviews. Though the rate is marginally better I don't want to get into trouble. 

 

Any piece of advise is greatly appreciated.

 

Thanks

 

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As a broker, I deal with Paragon on a regular basis and they are steady but get there. They only decline if you or the property doesn't meet criteria. Quite often if you go directly to them you won't be aware of all this. Their legal process is quite slow if your solicitor is not used to dealing with them.

 

The last one I did was offered within 2 weeks and completed in 8 but they are not a lender for a deadline.

 

There are lots of other lenders in marketplace now for limited companies.

Regards Simon

Searchlight Finance Ltd

T:01565 654005

 

Landlord and specialist property finance advisor only dealing with investors, landlords and developers throughout the UK and beyond.

Buy to Let - Commercial Finance - Bridging Loans - Development Finance - HMO Finance - Refurbishment Loans - Multi Let - Limited Company - Student Lets - Portfolio Finance

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I would echo Simon on this, generally they are OK, but they have some funny criteria regarding property that never ceases to amaze me.

 

Newer lenders are offering pretty good deals for limited companies, but being new i dont have much of a sample size to understand their reliability, and one they become more mainstream its likely they will run into issues as they try to scale up. Either they want to hire slow but get more applications than they can handle, or they hire quick and end up with badly trained staff making errors.

At least you know what to expect with Paragon as they have been around forever.

 

I would also ignore consumer responses on the internet to lenders. Ive had a bad experience with pretty much everyone out there. The lenders are always changing policy, you dont know who the surveyor will be and if they feel the property is suitable or not, and there are lots of legal issues that only get dug up half way through a sale. Of course those customers are angry and that's usually directed at the lenders. If they were about to give someone £200+k in cash though, i bet they would be just as cautious and pedantic about the deal too, and wouldnt hesitate to pull out if something looked fishy regardless of the inconvenience to the other parties. 

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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