Paragon Bank has extended its simplified buy-to-let mortgage application journey to cover Houses in Multiple Occupation and Multi-Unit Blocks.
The enhancement expands Paragon’s proposition to deliver faster, smarter mortgage applications for newer and smaller-scale landlords investing in these typically higher-yielding property types.
Paragon launched the streamlined service for single self-contained properties in the summer, with this expansion enabling landlords with more complex property requirements to also take advantage.
Paragon Bank managing director of mortgages, Louisa Sedgwick, said: “This is a natural next step in the evolution of our proposition.
“We’re proud of our heritage in complex buy-to-let lending, and this enhancement means landlords can now access that expertise through a much simpler and faster application journey.
“HMOs and MUBs are increasingly attractive to landlords looking to maximise returns, and we want to make it easier for those new to these property types to get started and grow.”
For qualifying applications, brokers only need to provide a property schedule and this is only applicable where borrowers hold four or more buy-to-let properties.
In most cases, there is no need to upload payslips, tax returns or bank statements, and limited company applicants are not asked to submit two years of accounts upfront.
All applications continue to be 100 per cent underwritten, with additional documentation only requested where required.
Paragon commercial director for mortgages, Russell Anderson, added: “This development is part of our ongoing strategy to enhance our offering and support the next generation of landlords.
“By making it easier for these landlords to place more specialist business with us, we’re broadening our reach while continuing to support the more experienced and larger scale landlords we’re known for working with.”
tom.dunstan@ft.com
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