Paradigm Mortgage Services has added Monmouthshire Building Society to its lender panel, giving member firms access to the mutual’s residential and buy-to-let ranges.
The addition, effective from 17 September, broadens the options available to Paradigm advisers across Wales and England, including products aimed at borrowers with less straightforward circumstances.
Monmouthshire’s residential criteria include lending up to a maximum borrower age of 85 and loans of up to £2 million at 90% LTV. The society will also lend up to 95% LTV on new-build houses and flats.
Income multiples can reach five times income, rising to 5.5 times for professionals, while the lender can take account of 100% of overtime, shift allowance and commission when assessing affordability.
Its buy-to-let proposition is available to individual and limited company borrowers, as well as portfolio landlords. Holiday let lending is also available to individuals and limited companies, with properties operated through Airbnb accepted.
Paradigm member firms will have access to Monmouthshire’s field and telephone BDM teams. The society has also invested in a new loan origination system intended to streamline the mortgage application and approval process.
Richard Howes, managing director of mortgages at Paradigm Mortgage Services, said: “We are very pleased to welcome Monmouthshire Building Society to the Paradigm lender panel and provide our member firms with access to another lending proposition across both the residential and buy-to-let markets.
“The ability to lend up to age 85, offer up to 95% LTV on new-build houses and flats, consider loans of up to £2 million at 90% LTV, and use higher income multiples for professionals gives our firms and their advisers a number of alternative options for clients whose circumstances may not always fit more standard lending criteria.
“There is also considerable breadth on the buy-to-let side, particularly through the support available for limited company borrowers, portfolio landlords and holiday lets, while the Society’s willingness to look at cases individually is important in a market where borrower circumstances are increasingly varied.
“Having access to the right criteria is only part of what advisers need from lenders, and Monmouthshire’s commitment to broker relationships, backed by field and telephone BDM support, is another important part of its proposition. We believe it will be a very useful addition to our panel and unique Building Society mailbox proposition. We look forward to working closely with the team.”
Caroline Mitchell, mortgage distribution manager at Monmouthshire Building Society, said: “We’re delighted to be joining the Paradigm lender panel and to be able to offer its member firms access to Monmouthshire Building Society’s residential and buy-to-let mortgage propositions.
“We’re committed to building strong, long-term relationships with intermediaries and supporting brokers with a proposition that combines flexible lending criteria with a personal approach.
“Joining the Paradigm panel gives us another opportunity to work closely with advisers and demonstrate the breadth of our lending offering. We’re looking forward to working with the team and supporting its member firms.”
