Paragon Bank has made it easier for landlords with up to 15 properties to apply for buy-to-let (BTL) mortgages.
The bank now asks for fewer documents and has speeded up the process for straightforward cases.
Landlords only need to provide a valuation, and if they own more than three BTLs, a property schedule.
The system, which uses a new origination platform, can pre-fill much of the application using data from sources like Companies House, Experian and Hometrack.
Individual and limited company landlords with up to 15 properties can use the process for single self-contained properties, with up to 75% loan-to-value (LTV) and up to £2m exposure with Paragon.
Documents like payslips, tax returns, rental statements and two years of accounts for limited companies are no longer needed for most applicants if they fit the criteria.
Paragon still underwrites every application and can ask for more documents if needed.
Louisa Sedgwick (pictured), managing director of mortgages at Paragon Bank, said: “Buy-to-let is in our DNA and we pride ourselves in 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 more simple 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.”
Sedgwick added: “Landlords with smaller portfolios and simpler buy-to-let propositions require a more straightforward application and underwriting approach, so that is why 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, said: “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.”
