Buy-to-let lender Paragon Mortgages has launched a bespoke online application service which allows intermediaries to submit applications for multiple as well as single properties electronically. Lending decisions are immediate.
The Buy to Let Business managing director Ying Tan said the online service was a step in the right direction: “Currently it is a paper based application. Any innovation which will allow make the process of applying for a mortgage smoother is welcome.
“The only word of caution is that the online form must be flexible enough to cater for complex applications.”
Paragon Mortgages managing director John Heron said: “Online applications have been around for years for straightforward buy-to-let applications but the complexity of professional landlord cases has meant that an online solution for these customers has been a long time coming.
“We want to make it as easy as possible for intermediaries to submit applications, especially for the more complex cases such as HMOs, which traditionally take much longer to get a lending decision on.”
Capital Fortune business manager Rob Killeen said existing online applications for complex buy-to-let cases were notoriously problematic: “Many of the systems operated do not provide a detailed notes section and when they do often restrict the number of characters used. This often results in a delayed underwriting decisions and understandably the need to know more.
“Anything which allows the intermediary to provide more information and not less, whilst additionally speeding up the process, can only be in the best interests of the lender, client and broker in assessing whether there is a mutual fit.”
