Paragon Bank has unveiled a simplified buy-to-let mortgage application process for landlords with portfolios of up to 15 properties.
The streamlined system, now live, reduces the documentation burden for qualifying applicants, cutting down the number of supporting materials needed at the initial stage and accelerating decisions on standard buy-to-let cases.
The bank’s recently launched mortgage origination platform plays a central role in the overhaul, allowing key information to be automatically pre-populated and integrated directly from third-party sources such as Companies House, Experian and Hometrack.
For landlords who meet the criteria, Paragon now requires only a property valuation — and, where more than three properties are held, a property schedule — at the outset.
The move is aimed at both individual and limited company landlords with up to 15 properties, applying for single self-contained units, up to 75% loan-to-value and a maximum £2 million exposure with the bank.
STREAMLINED
Crucially, the system overhaul removes the need for standard documents such as payslips, tax returns, rental bank statements and company accounts in most cases.
Applications will continue to be fully underwritten, and further documentation may still be required where necessary to support lending decisions.
Louisa Sedgwick (pictured), managing director of mortgages at Paragon Bank, said the change reflects a deliberate effort to tailor the application experience to different types of landlords.
“Buy-to-let is in our DNA and we pride ourselves in our ability to evolve. We are known as specialists in complex buy-to-let and we continue to excel in those more specialist propositions, but we are also here to support landlords with smaller portfolios or more simple requirements,” she said.
“The launch of our mortgage origination system earlier this year has enabled us to implement a fresh approach and tailor our application process for specific customer groups.
“Landlords with smaller portfolios and simpler buy-to-let propositions require a more straightforward application and underwriting approach, so that is why we have streamlined and simplified the journey for landlords with 15 properties or under on single self-contained properties.”
SECURE STORAGE
The application platform securely stores uploaded documents, improving efficiency for repeat business and future applications. The validation process for property schedules has also been enhanced.
Russell Anderson, commercial director for mortgages, said the change will support brokers as well as landlords.
“By completely transforming our systems and the way we work, we’re making it much quicker and easier for brokers to place simple business with us.
“This will mean we can support the next generation of landlords who may be new to the market or have smaller portfolios with aspirations to grow,” he said.
