Paradigm has announced the addition of new specialist buy-to-let mortgage lender, ModaMortgages, to its lender panel.
ModaMortgages distributes exclusively via intermediaries and was created by UK digital bank, Chetwood Bank. It generates its funding using retail deposits via Chetwood Bank and SmartSave.
Member firms of Paradigm now have access to ModaMortgages’ range of buy-to-let mortgages, offered to a variety of landlords including small or large portfolios, limited companies, individuals, first-time buyers and first-time landlords.
ModaMortgages also lends on both houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
OPTIONS
ModaMortgages’ criteria includes the following:
- Top slicing providing more affordability options for landlord borrowers.
- Products available up to 75% LTV.
- No minimum income for loans less than £1m (excluding first-time buyers).
- Borrowers can be employed, self-employed, contractors or retired with pension income.
- Simple ICRs and pound for pound remortgages assessed at the initial pay rate.
Richard Howes, director of mortgages at Paradigm, said: “We’re very pleased to be bringing a relatively new lender, ModaMortgages, onto our panel providing our member firms with access to a new range of specialist buy-to-let products available to a wide range of landlord borrower types.
“ModaMortgages offers a 100% online process plus an experienced adviser support team to ensure cases can move through as simply and quickly as possible. This will no doubt appeal to our adviser members who work with landlord clients, and we’re looking forward to working with the ModaMortgages team and introducing its offering to our firms.”
Darrell Walker, director of sales and distribution at ModaMortgages, added: “Joining the Paradigm Mortgage Services’ panel allows us to offer our extensive range of specialist mortgage solutions to a wider network of intermediaries.
“Together we’re committed to delivering innovative, flexible, customer-centric options, and we look forward to working closely with Paradigm members to support their clients’ increasingly diverse borrowing needs.”
