Paragon Bank has streamlined the BTL application process for landlords with up to 15 properties.
The lender is reducing the number of supporting documents it requires from applicants in order to speed up the process.
This will see Paragon use its new mortgage origination platform to automatically pre-populate much of the information it requires from applicants.
Paragon will therefore only initially ask for a valuation and, where a landlord holds more than three BTL properties, a property schedule.
The enhanced application process is most suitable for individual and limited company landlords with up to 15 properties, single self-contained properties, up to 75% LTV, and up to £2m exposure with Paragon.
Paragon integrates with several data sources, such as Companies House and Experian, to gain information for these applications.
All applications will continue to be 100% underwritten and further documentation may still be requested.
“The launch of our mortgage origination system earlier this year has enabled us to implement a fresh approach and tailor our application process for specific customer groups,” said Louisa Sedgwick, managing director of mortgages at Paragon Bank (pictured above).
“Landlords with smaller portfolios and simpler BTL propositions require a more straightforward application and underwriting approach, so that is why we have streamlined and simplified the journey for landlords with 15 properties or under on single self-contained properties.”
Russell Anderson, mortgages commercial director at Paragon Bank, added: “By completely transforming our systems and the way we work, we’re making it much quicker and easier for brokers to place simple business with us.
“This will mean we can support the next generation of landlords who may be new to the market or have smaller portfolios with aspirations to grow.”
