Re: Paragon Mortgages Ltd – Transfer Of Equity & Not Granting Consent
My brother and I have a buy to let mortgage with Paragon Mortgages which was taken out in 2003 and now I wish to sell my half share to my brother and for him to keep the existing mortgage. The loan to value levels are well within 70% LTV and the repayment criteria for the mortgage is easily covered. There are no problems with current payments and neither of us has any credit problems.
Paragon Mortgages did exactly the same transfer for us about 4 years ago on two different properties but they have no told me that they have stopped doing this. They are quite happy to close the whole loan down and offer a new loan based on their new more unfavourable interest rates but obviously this is just short of about a 300% increase in their profit margin and this is of no benefit to my brother.
My question to the forum is can they do this? i.e. not allow me to sell my half share without redeeming the mortgage completely.
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