Paragon Bank has announced the full market launch of its new buy-to-let mortgage origination platform, designed to offer brokers a faster, more efficient, and flexible application process.
Following a limited rollout that began in January, the lender has refined the system – based on broker feedback – to enhance functionality. The platform is now available to all brokers placing business with Paragon.
Paragon worked closely with brokers to identify three key principles for improving the mortgage application process: certainty, transparency, and speed. The new system streamlines applications by tailoring requirements to individual cases, reducing unnecessary fields, and ensuring a more efficient path to approval. Brokers also receive real-time updates on progress, while the integration of external data sources, such as Companies House, Experian, and Hometrack, automates data entry and minimises errors.
AI has been incorporated to automate previously manual tasks, including extracting, analysing, and validating data. This allows Paragon’s underwriting team to focus more on assisting intermediaries in finding suitable solutions for clients. The system also improves property schedule validation, and securely stores uploaded documents to simplify future applications.
Developed in-house over the past two years, Paragon said it opted for a bespoke platform rather than an off-the-shelf solution to ensure it meets the specific needs identified through extensive broker engagement.
Louisa Sedgwick (pictured), Paragon Bank managing director of mortgages, said: “Today is a big day for Paragon because the market-wide launch of our new mortgage application platform represents a leap forward in our company’s digitalisation journey.
“It follows more than two years of behind-the-scenes work, but completely changes the application experience, so I’m confident that brokers will agree it’s worth the wait. The feedback of those who have already been using the system as part of our phased rollout has been fantastic, and we have taken on board that feedback to further enhance the offering.
“As well as Paragon colleagues who have put blood, sweat and tears into this project, I want to thank the brokers who have helped to shape the system, they’ve been absolutely crucial.”
Andrew Smart, Paragon’s mortgages strategic transformation manager, added: “A phrase we’ve used a lot when talking about this project is ‘making life easier’ for brokers because, as simple as that sounds, that is what we’ve set out to do. The complex lending we specialise in can lead to a complex, multi-layered application process, which can be time-consuming for brokers.
“Working with brokers throughout the project, we’ve identified and addressed this, stripping back those layers. Identifying the different aspects of a gold standard mortgage application has helped us to hone in on what matters most to brokers, and the result is a platform that provides more certainty, transparency and speed.”
