Paragon Bank has expanded its streamlined buy-to-let (BTL) mortgage application process to include houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
The service is aimed at landlords with up to 15 properties, making it quicker for them to grow their portfolios.
The system automatically fills in key application details using information from Companies House, Experian and Hometrack.
Document requirements have been cut down for brokers and landlords, with applications for single self-contained units, HMOs and MUBs now included.
The process covers up to 75% loan-to-value (LTV) and up to £2m with Paragon.
For eligible cases where Paragon carries out the valuation, brokers only need to provide a property schedule if applicants have four or more BTL properties.
Most applicants do not need to upload payslips, tax returns or bank statements, and limited company applicants are not asked for two years of accounts upfront.
All applications are fully underwritten, with extra documents requested only when needed.
Louisa Sedgwick (pictured), managing director of mortgages at Paragon Bank, 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.”
Russell Anderson, commercial director for mortgages, said: “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.”
