"Landlords with smaller portfolios and simpler buy-to-let propositions require a more straightforward application and underwriting approach, so we have streamlined and simplified the journey for landlords with 15 properties or under on single self-contained properties"
- Louisa Sedgwick - Paragon Bank
Paragon Bank has introduced a simplified buy-to-let mortgage application process for landlords who have up to 15 properties. The new system reduces the number of documents needed and accelerates the approval process for straightforward buy-to-let cases.
Using its mortgage origination platform, Paragon automatically fills in much of the required application information. Initially, the bank requests only a valuation and, if the landlord owns more than three buy-to-let properties, a property schedule.
The updated application process applies to:
individual and limited company landlords with portfolios of up to 15 properties
single self-contained properties
loans up to 75% loan to value (LTV)
up to £2 million exposure with Paragon
Paragon’s platform connects with data sources such as Companies House, Experian, and Hometrack, gathering key details directly. Property schedules are now validated more efficiently, and uploaded documents are securely stored to streamline future applications.
Landlords who meet the criteria generally no longer need to provide payslips, tax returns, rental bank statements, or two years of accounts for limited company applications. All applications remain fully underwritten, and Paragon may request further documents if needed to support lending decisions.
Louisa Sedgwick, managing director of mortgages at Paragon Bank, explained, “Buy-to-let is in our DNA and we pride ourselves on 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 simpler 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 we have streamlined and simplified the journey for landlords with 15 properties or under on single self-contained properties.”
Russell Anderson, mortgages commercial director at Paragon Bank, 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.”
