Paragon Bank has strengthened its new build property proposition to support landlords to invest in new, energy efficient homes, as well as launched a new broker portal dashboard designed to improve application management efficiency.
Landlords purchasing new build properties can now get BTL mortgages valid for six months, up from three.
Landlords can request that the selected product is retained for a further three months beyond the original six month offer of loan validity. Beyond six months, a physical reinspection and reassessment of the application will be required.
The proposition also means that houses being purchased off-plan or part built, that are developed by a National House Builder, will not require a further physical internal property reinspection.
The lender has also launched a new broker portal dashboard whereby brokers can apply for products including BTL and refurb-to-let, product switches and further advances, in one click.
All cases can be seen in one dashboard with up-front statuses and search and filter functionality, as well as an in-built messaging system the ability to add action tags.
James Harrison, BTL product manager at Paragon Bank (pictured above), said: “Enhancing our new build proposition provides landlords with the increased certainty of having a mortgage offer that is valid for six months, with the flexibility to request a three-month extension to nine months.
“These proposition improvements are supporting landlords to invest in new build homes, helping to bring good quality into the private rented sector.
New build homes often benefit from EPC ratings of C or above so we’re anticipating demand for these properties to increase following the recent announcement of minimum energy efficiency standards reforms within the PRS.”
Commenting on the new broker portal dashboard, Andrew Smart, head of transformation at Paragon Bank, said: “Our new broker portal dashboard is all about delivering a simpler, smarter way to manage mortgage applications.
“We’ve built the dashboard in partnership with brokers, gathering feedback at every stage and testing new features together to ensure it meets their needs.
“The new portal dashboard is the latest enhancement we’ve made to our streamlined mortgage application platform, with more in the pipeline.”
