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 info 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 information sources, together with Companies House, Experian and Hometrack.
The up to date process removes the necessity for many candidates who match the standards to add paperwork similar 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 still 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 pleasure ourselves in our capacity to evolve. We are referred to 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 yr has enabled us to implement a recent strategy and tailor our application process for particular buyer teams.”
“Landlords with smaller portfolios and easier BTL propositions require a extra easy application and underwriting strategy, so that’s the reason we’ve got streamlined and simplified the journey for landlords with 15 properties or below on single self-contained properties.”
