Paragon Bank has launched a streamline buy-to-let (BTL) mortgage application journey for landlords with as much as 15 properties.
The lender will use its new mortgage origination platform to pre-populate a lot of the application data required.
The new application will initially solely ask for a valuation and the place the owner holds greater than three BTL properties, a property schedule.
The new process is appropriate for particular person and restricted firm landlords with a portfolio of as much as 15 properties, single self-contained properties, these as much as 75% loan-to-value (LTV) and as much as £2m publicity with the lender.
The application system integrates with a number of knowledge sources, together with Companies House, Experian and Hometrack.
The up to date process removes the necessity for many candidates who match the factors to add paperwork equivalent to payslips, tax returns, rental financial institution statements and for restricted firms, two years of accounts.
All purposes will proceed to be 100% underwritten and additional documentation should be requested the place it helps the choice to lend.
Paragon Bank managing director of mortgages Louisa Sedgwick says: “BTL is in our DNA and we delight ourselves in our potential to evolve. We are often known as specialists in complicated BTL and we proceed to excel in these extra specialist propositions, however we’re additionally right here to assist landlords with smaller portfolios or extra easy necessities.”
“The launch of our mortgage origination system earlier this 12 months has enabled us to implement a recent strategy and tailor our application process for particular buyer teams.”
“Landlords with smaller portfolios and less complicated BTL propositions require a extra easy application and underwriting strategy, so that’s the reason we’ve streamlined and simplified the journey for landlords with 15 properties or beneath on single self-contained properties.”
Last month, Paragon Bank appointed Eloise Potts and Stephen Harrison as enterprise growth managers inside its mortgage division to assist brokers within the North West and North East of England, respectively.
