Paragon Bank has streamlined its buy-to-let (BTL) mortgage further advance process, reducing the minimum loan to £2,000 and cutting rates by 0.20%.
Further advances now use the same platform as other BTL applications, allowing offers in as little as 48 hours if no inspection is needed, with funds released within 24 hours of signed offer acceptance.
Automated valuation models will be used, reducing the need for in-person revaluations.
Paragon will provide indications of potential additional borrowing, but applications can still be assessed by underwriters if needed.
Rates now start at 6.25% for 5-year fixed-rate mortgages, up to 75% loan-to-value (LTV) for single self-contained properties.
2-year fixes start at 6.40%.
Products for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) are priced 0.20% higher.
Andrew Smart (pictured), head of mortgages transformation at Paragon Bank, said: “We’ve moved our further advance proposition onto our enhanced origination platform, with brokers benefiting from the same ease of use, clear and easy layout and intuitive design.
“This makes the process simpler for brokers and their landlord clients, providing quicker release of funds where we don’t need to inspect the property.
“A substantial proportion of the further advance business we write supports home providers to improve their properties.”
Smart added: “Making this finance quicker and easier to access will be particularly beneficial for those investing to remain compliant with new regulations, such as the forthcoming changes to the PRS Minimum Energy Efficiency Standards.”