Paragon Bank has extended its newly-simplified buy to let mortgage application process to cover HMOs and Multi-Unit Blocks (MUBs).
Paragon launched its streamlined service for single self-contained properties in the summer, pre-populating some of the applications automatically with data from Companies House, Experian and Hometrack.
The new process is suitable for individual and limited company landlords with up to 15 properties, for single self-contained units, HMOs and Multi-Unit Blocks. It applies for up to 75% LTV applications seeking up to £2m.
For qualifying applications, with Paragon carrying out the valuation, brokers now only need to provide a property schedule and this is only applicable where borrowers hold four or more buy-to-let properties.
The bank says that 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% underwritten, with additional documentation only requested where required.
A spokesperson says: “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.
“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.”
This article is taken from Landlord Today