Paradigm Mortgage Services has added Monmouthshire Building Society to its lender panel, with member firms gaining access to the mutual's buy-to-let and residential mortgage products across England and Wales from today.
On the buy-to-let side, Monmouthshire supports both individual and limited company borrowers as well as portfolio landlords. Its holiday let proposition extends to individual and limited company applicants, with properties operated through Airbnb accepted. The criteria cover a wide range of borrower circumstances and property types.
The residential offering includes lending up to a maximum borrower age of 85, loans of up to £2m at 90% LTV, and lending up to 95% LTV on new-build houses and flats. Income multiples reach five times for standard borrowers and 5.5 times for professionals, and the society accepts 100% of overtime, shift allowance and commission in its affordability assessment.
Paradigm member firms will also have access to Monmouthshire's field and telephone business development managers. The society has recently invested in a new loan origination system intended to streamline the application and approval process.
"We are very pleased to welcome Monmouthshire Building Society to the Paradigm lender panel and provide our member firms with access to another lending proposition across both the residential and buy-to-let markets," said Richard Howes, managing director of mortgages at Paradigm Mortgage Services.
"The ability to lend up to age 85, offer up to 95% LTV on new-build houses and flats, consider loans of up to £2 million at 90% LTV, and use higher income multiples for professionals gives our firms and their advisers a number of alternative options for clients whose circumstances may not always fit more standard lending criteria.
"There is also considerable breadth on the buy-to-let side, particularly through the support available for limited company borrowers, portfolio landlords and holiday lets, while the Society's willingness to look at cases individually is important in a market where borrower circumstances are increasingly varied.
"Having access to the right criteria is only part of what advisers need from lenders, and Monmouthshire's commitment to broker relationships, backed by field and telephone BDM support, is another important part of its proposition. We believe it will be a very useful addition to our panel and unique Building Society mailbox proposition. We look forward to working closely with the team."
Caroline Mitchell, mortgage distribution manager at Monmouthshire Building Society, said the addition marked the start of a longer-term intermediary relationship.
"We're delighted to be joining the Paradigm lender panel and to be able to offer its member firms access to Monmouthshire Building Society's residential and buy-to-let mortgage propositions," Mitchell said.
"We're committed to building strong, long-term relationships with intermediaries and supporting brokers with a proposition that combines flexible lending criteria with a personal approach. Joining the Paradigm panel gives us another opportunity to work closely with advisers and demonstrate the breadth of our lending offering. We're looking forward to working with the team and supporting its member firms."
