Paragon Bank has launched a multi-property buy-to-let mortgage proposition to allow landlords to apply for four or more properties in a single application.
Paragon, which celebrated its 30th anniversary in buy-to-let this year, has centred its proposition on flexibility, fluidity and fewer fees to support landlords seeking to build portfolios.
Landlords can choose from any of Paragon’s product range for both purchase and remortgage and can select any property type in the application, including single self-contained units, HMOs and multi-unit blocks (MUBs).
To further enhance the flexibility of the product, properties included within the single application can complete at separate times. Up to 99 properties can be included as part of the multi-property application.
Landlords can reduce costs as there are no application fees, including for HMOs and MUBs, saving £299 per property, and only one legal advice certificate is required, rather than one per property, which could deliver further cost savings.
To ensure a streamlined and efficient process, a single underwriter will manage the whole application to completion, who brokers will have direct access to during the process.
The launch of Paragon’s multi-property proposition follows the successful implementation of its bespoke mortgages originations platform earlier this year. The platform is enabling Paragon to re-engineer product, process and proposition to deliver improved service to its landlord customers.
Russell Anderson, Paragon Bank Mortgages Commercial Director, said: “Buy-to-let is in our DNA and we have been supporting landlords to build portfolios for decades. The launch of our multi-property proposition sets us apart from peers as it gives landlords a quick and cost-efficient way of adding a number of properties in one go, but the flexibility to manage those transactions individually.
“Landlords can mix and match from our product range across a number of property types. For example, they may want to select a flat fee product for larger loans, or a nil fee option for smaller mortgages; flexibility is the key.”
Paragon Bank Managing Director of Mortgages Louisa Sedgwick added: “This is a further example of our mortgages origination platform enabling us to enhance our proposition to deliver a better service for our customers. We launched a streamlined application process for landlords with 15 or fewer properties earlier this year, so the launch of our multi-property proposition builds on that momentum. I’m really excited about some of the innovations we have in the pipeline as we evolve our business.”
