Using its recently modernised BTL mortgage origination platform, the lender can automatically pre-populate most of the application information required.
The lender will initially ask for a valuation and, if the landlord holds more than three BTL properties, a property schedule.
The faster application process is suitable for individual and limited company landlords with a portfolio of up to 15 properties and single self-contained properties.
The products will go up to 75% loan to value (LTV) and allow up to £2m exposure with Paragon Bank.
The application system integrates with data sources such as Companies House, Experian and Hometrack, so key information is gathered directly from the source.
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The lender has also improved its system for validating property schedules, and once uploaded, the document is stored securely so future processing is more effective.
Paragon Bank said the updated process means that most applicants who fit the criteria will not need to upload documents such as payslips, tax returns, rental bank statements or two years of accounts for limited company accounts.
Applications will be 100% underwritten and future documentation may be requested if needed.
Louisa Sedgwick (pictured), managing director of mortgages at Paragon Bank, said: “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.
“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.”
Russell Anderson, Paragon Bank’s mortgages commercial director, added: “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.”
