Paragon Bank has introduced a Streamline Buy-to-Let (BTL) mortgage application for landlords with a maximum of 15 property.
The lender will use his new mortgage platform to provide much of the required application information in advance.
The new application will initially only request a valuation and where the landlord has more than three BTL properties, a real estate schedule.
The new process is suitable for individual and limited business rental companies with a portfolio of a maximum of 15 property, some independent property, which up to 75% loan-to-value (LTV) and up to £ 2 million exposure to the creditor.
The application system integrates with various data sources, including Companies House, Experian and HomeTrack.
The updated process removes the need for most applicants that match the criteria to upload documents such as payslips, tax returns, rental bank statements and for liminateurs, two years of accounts.
All applications will be 100% endorsed and further documentation can still be requested when it supports the decision to borrow.
Paragon Bank Managing Director of Mortgages Louisa Sedgwick says: “BTL is in our DNA and we are proud of our ability to evolve. We are known as specialists in complex BTL and we will continue to excel in those more specialized racks, but we are also here to support rental people with smaller portfolio
“The launch of our mortgage origination system earlier this year has enabled us to implement a new approach and to adjust our application process for specific customer groups.”
“Landlords with smaller portfolios and simpler BTL racks require a more simple application and insurance technical approach, so that is why we have streamlined and simplified the trip for landlords with 15 properties or under a few independent properties.”