The move will provide more support for brokers with complex cases, Paragon said.
Louisa Sedgwick (pictured), Paragon Bank’s managing director of mortgages, said: “The buy-to-let market continues to evolve, with landlords operating increasingly diverse and often more complex businesses.
“While many cases fit well within standard criteria, there are others where a more considered approach is needed to reflect the full picture. Tailored has been developed to give brokers a clear route for those applications that don’t quite align with conventional structures, supported by direct access to experienced underwriters, who can take a holistic view of each case.”
Brokers can access the service through Paragon’s intermediary portal by selecting ‘Tailored’ as the application type within the BTL application journey. They are supported throughout the process by their business development manager (BDM) or a dedicated Tailored underwriting team, who are available to discuss cases prior to submission and provide guidance as applications progress.
Sedgwick said the proposal was suited to a range of scenarios, including landlords seeking higher loan amounts, those with larger or more complex portfolios and cases involving non-standard ownership structures, such as trusts or trading companies. It can also support landlords with varied tenant types, applications outside typical age parameters and those with limited experience in the sector.
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Under the Tailored service, applications are reviewed by dedicated underwriters, who Sedgwick said will consider the full context of each case, including the structure of the landlord’s business, the nature of the property assets and the applicant’s wider portfolio strategy. Where a case initially submitted under standard criteria no longer fits, it may also be assessed under the Tailored route. Similarly, applications submitted as Tailored that meet standard criteria can be transferred to the main range.
Nick Terrington, Paragon Bank’s chief executive, said earlier this month that BTL lending had fallen due to buyer nervousness. Gross BTL mortgage lending fell by 4.7% year-on-year to £773.7m in the six months ending 31 March.
Terrington said the external environment was “volatile”.
“We remain well-placed to support our customers, deliver sustainable growth and capitalise on any opportunities that may arise,” he added.
