"Tailored has been developed to give brokers a clear route for those applications that don't quite align with conventional structures, supported by direct access to experienced underwriters who can take a holistic view of each case"
- Louisa Sedgwick - Paragon Bank
Paragon Bank has launched a new service aimed at brokers handling non-standard buy-to-let mortgages, providing a dedicated route for applications that fall outside conventional lending criteria.
The service, called Tailored, is designed to reflect what the lender describes as the increasingly diverse nature of landlord businesses and property portfolios. It covers a range of scenarios where standard criteria may not apply, including:
- landlords seeking higher loan amounts
- those with larger or more complex portfolios
- cases involving non-standard ownership structures, such as trusts or trading companies
- landlords with varied tenant types
- applications outside typical age parameters
- those with limited sector experience
Under the Tailored service, applications are reviewed by dedicated underwriters who consider each case in full, taking into account the structure of the landlord's business, the nature of the property assets, and the applicant's wider portfolio strategy.
Brokers can access the service through Paragon's intermediary portal by selecting Tailored as the application type within the buy-to-let application journey, with support available from their BDM or from the dedicated Tailored underwriting team at any stage.
The service also allows for movement between routes during the application process. Where a case submitted under standard criteria no longer fits, it can be assessed under the Tailored route instead. Equally, Tailored applications that meet standard criteria can be transferred across to the main range.
"The buy-to-let market continues to evolve, with landlords operating increasingly diverse and often more complex businesses," said Louisa Sedgwick, managing director of mortgages at Paragon Bank (pictured).
"While many cases fit well within standard criteria, there are others where a more considered approach is needed to reflect the full picture. Tailored has been developed to give brokers a clear route for those applications that don't quite align with conventional structures, supported by direct access to experienced underwriters who can take a holistic view of each case."
By assessing applications on individual merit rather than applying a fixed set of rules, she added, the bank aims to help brokers place a broader range of business and support landlord clients in progressing their investment plans.
