Paragon unveils cutting-edge BTL mortgage platform

Paragon Bank has launched an innovative buy to let mortgage application system, offering brokers a quicker, smarter and more adaptable service.

It says the bespoke digital tool, which is now accessible to all intermediaries partnering with the lender, promises a top-tier experience through its clever design and seamless functionality.

The nationwide rollout follows a trial phase that began in January, during which Paragon worked with brokers to refine the platform.

Their input has shaped a system built around three key pillars: certainty, transparency and speed.

New mortgage application platform

Paragon’s managing director of mortgages, Louisa Sedgwick, said: “The market-wide launch of our new mortgage application platform represents a leap forward in our company’s digitalisation journey.

“It follows more than two years of behind-the-scenes work, but completely changes the application experience, so I’m confident that brokers will agree it’s worth the wait.

“The feedback of those who have already been using the system as part of our phased rollout has been fantastic, and we have taken on board that feedback to further enhance the offering.”

Slashing application-to-offer times

By tailoring Decisions in Principle to each client’s unique situation, keeping brokers updated at every stage, and slashing application-to-offer times, the platform stands out in the market, Paragon says.

At its core, the technology taps into data from sources like Companies House, Experian, and Hometrack, pulling vital details straight into forms to save effort and minimise mistakes.

A smart interface adjusts requirements case-by-case, ensuring brokers only fill in what’s necessary.

Makes repeat applications smoother

Meanwhile, artificial intelligence handles tasks like data extraction and validation, freeing Paragon’s underwriting team to focus on supporting brokers and their clients.

As a result, property schedule checks have been streamlined and uploaded documents are safely stored for future use, making repeat applications smoother.

Developed in-house over two years, this custom-built solution reflects extensive broker input, shunning generic software for a system tailored to their needs.

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