A bank has introduced a new service designed to support buy-to-let mortgage applications that fall outside standard lending criteria.
Paragon Bank’s service – called Tailored – provides what it calls a more flexible approach to lending, reflecting the increasingly diverse nature of landlord businesses and property portfolios, where not all cases fit within conventional criteria.
The proposition is suited to a range of scenarios, including landlords seeking higher loan amounts, those with larger or more complex portfolios and cases involving non-standard ownership structures, such as trusts or trading companies.
It can also support landlords with varied tenant types, applications outside typical age parameters and those with limited experience in the sector.
Under the Tailored service, applications are reviewed by dedicated underwriters, who consider the full context of each case, including the structure of the landlord’s business, the nature of the property assets and the applicant’s wider portfolio strategy.
Where a landlord application initially submitted under standard criteria no longer fits, it may be assessed under the Tailored route.
Similarly, applications submitted as Tailored that meet standard criteria can be transferred to the main range.
Louisa Sedgwick, Paragon Bank managing director of mortgages, says: “The buy-to-let market continues to evolve, with landlords operating increasingly diverse and often more complex businesses. 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.”