Paragon Bank has updated its new build buy-to-let proposition while also launching a redesigned broker portal dashboard aimed at simplifying case management.
The lender has extended the validity of mortgage offers for landlords purchasing new build properties to six months, doubling the previous three-month window.
The move is intended to provide greater certainty for landlords investing in newly built, energy efficient homes.
Landlords can also request to retain their selected product for a further three months beyond the initial six-month offer period. Where applications extend beyond six months, a physical reinspection and reassessment will be required.
As part of the enhanced proposition, houses purchased off-plan or part-built from a national house builder will no longer require a further internal physical reinspection. Paragon said this change is designed to deliver time and cost savings for borrowers.
James Harrison, buy-to-let product manager at Paragon Bank, 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.”
NEW BROKER PORTAL DASHBOARD
Alongside the product changes, Paragon has launched a new broker portal dashboard designed to bring together application, tracking and case management in a single interface.
The dashboard allows brokers to apply for buy-to-let and refurb-to-let products, as well as product switches and further advances, through one system. All cases are displayed in a single view, with clear status indicators, search and filter tools, and action tags to highlight cases requiring attention. Secure built-in messaging enables brokers to send and receive updates without leaving the portal.
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.”
