Paragon simplifies buy-to-let applications for landlords with up to 15 properties

Paragon Bank has announced that it has launched a new streamlined mortgage application process for landlords managing up to 15 buy-to-let properties. The new approach reduces the amount of supporting documentation required and accelerates approvals for straightforward buy-to-let cases.

Using its mortgage origination platform, Paragon automatically pre-populates much of the application data. Initially, the bank only asks for a valuation and, if the landlord owns more than three buy-to-let properties, a property schedule.

This faster application process is designed for:

individual and limited company landlords with portfolios up to 15 properties

single self-contained properties

loans up to 75% loan to value (LTV)

exposure up to £2 million with Paragon

The system integrates with external data sources such as Companies House, Experian, and Hometrack to collect key information directly from the source. Property schedule validation has also been enhanced, and once uploaded, documentation is securely stored for smoother future applications.

Most applicants meeting the criteria no longer need to upload payslips, tax returns, rental bank statements, or, for limited companies, two years of accounts. Despite the simplified process, all applications remain fully underwritten, and additional documentation may be requested to support lending decisions.

“Buy-to-let is in our DNA and we pride ourselves in our ability to evolve," comments Paragon Bank's managing director of mortgages, Louisa Sedgwick (pictured). "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.”