BTL mortgage offers are now valid for six months for landlords purchasing new-build homes, up from three months.
Landlords are also able to request that the selected product be retained for an additional three months beyond the original six-month offer of loan validity. Paragon Bank said that beyond six months, the application will require a physical reinspection and reassessment.
The bank’s changes to its new-build offering mean houses developed by a national housebuilder and being purchased off-plan or part-built will not need a further physical internal reinspection, saving borrowers time and costs.
James Harrison (pictured), Paragon Bank’s BTL product manager, said: “Enhancing our new-build proposition provides landlords with the increased certainty of having a mortgage offer that is valid for six months, with the flexibility to request a three-month extension to nine months.
“These proposition improvements are supporting landlords to invest in new-build homes, helping to bring good quality into the private rented sector. New-build homes often benefit from EPC ratings of C or above so we’re anticipating demand for these properties to increase following the recent announcement of Minimum Energy Efficiency Standards reforms within the PRS.”
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New broker portal dashboard enables easier application management
The bank has also unveiled a new broker portal dashboard that it said will enable brokers to apply, track and manage cases “faster than ever”.
Using the dashboard, Paragon Bank said brokers will be able to apply for a range of products – including BTL and refurb to let – “in one click”. The dashboard will show all the cases and their statuses, and its search functionality helps users locate applications swiftly. In addition, action tags make it easier for brokers to identify which cases need attention.
The dashboard also features a secure, built-in messaging system so updates can be sent and received through the portal.
Andrew Smart, head of transformation at Paragon Bank, said: “Our new broker portal dashboard is all about delivering a simpler, smarter way to manage mortgage applications. We’ve built the dashboard in partnership with brokers, gathering feedback at every stage and testing new features together to ensure it meets their needs.
“The new portal dashboard is the latest enhancement we’ve made to our streamlined mortgage application platform, with more in the pipeline.”
Earlier this week, Paragon Bank added six two-year options to its range of bank base rate (BBR) tracker offerings.
