"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"
- Russell Anderson - Paragon Bank
Paragon Bank has launched a new multi-property buy-to-let mortgage proposition designed to give landlords greater flexibility and cost efficiency when building portfolios.
The lender, celebrating 30 years in the buy-to-let sector, will allow between four and 99 properties to be included in a single application. Landlords can mix and match from Paragon’s full product range, selecting products for either purchase or remortgage across any property type, including single self-contained units, houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
The new proposition centres on flexibility and streamlined management. Each application will be overseen by a single underwriter, giving brokers direct access to one point of contact throughout the process. Properties included in the same application can also complete at different times, offering landlords greater control over transaction scheduling.
The absence of application fees further enhances affordability. This includes HMOs and MUBs, saving landlords £299 per property. Only one legal advice certificate is required for the entire application, potentially reducing costs even further.
The initiative follows the successful rollout of Paragon’s bespoke mortgage origination platform earlier this year, which has allowed the bank to refine its products and processes to improve service for landlords.
“Buy-to-let is in our DNA and we have been supporting landlords to build portfolios for decades,” said Russell Anderson, commercial director for mortgages at Paragon Bank (pictured). “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.”
Louisa Sedgwick, managing director of mortgages at Paragon Bank, 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.”
