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What Paragon’s rebrand means for mortgage customers and intermediaries

Paragon Mortgages products are now Paragon portfolio: buy-to-let mortgages for landlords with four or more mortgaged properties and/or those operating as limited companies and limited liability partnerships. More complex propositions are also included, from HMOs to multi-unit blocks.

Mortgage Trust products are now Paragon non-portfolio: buy-to-let mortgages for landlords with up to three mortgaged buy-to-let properties. We lend on single self-contained properties in England, Wales and Scotland, to investors and landlords, including self-employed and consumer buy-to-let customers.

We’ve moved to one, new Paragon website and adopted a new email format (but our old contact details will automatically redirect). Our telephone numbers and all intermediary login details have not changed.

The rebrand also further supports our commitment to the new Prudential Regulation Authority (PRA) regulatory rules, under which all landlords need to meet more exacting mortgage affordability criteria.

Since 30 September 2017, lenders have required a more detailed approach to portfolio landlords – those landlords with four or more mortgaged properties in their portfolio.

Paragon, however, went live with changes to internal systems and processes to align with the new rules six weeks early, on 17 July 2017. We were able to implement well ahead of schedule because not a lot really changed for us.

Paragon has always asked for information on all the properties a landlord holds and on the full range of their economic activity so that we can assess the landlord’s business in the round and consider the impact of the new lending on that business.

So, for the most part there were no major changes in our process and approach for portfolio landlords. Our experience of assessing large, specialist portfolios for landlords over many years helped us ensure that all the changes were in place and working well before 30 September.

The following case studies are testament to our promise:

1. An intermediary submitted a purchase application for a first-time landlord, along with supporting income verification. Paragon instructed the valuation on receipt of the application. When the valuation was complete, the application was ready for offer within 10 working days.

2. An existing Paragon customer submitted a new purchase application for a HMO property. Paragon instructed the valuation on receipt of the application. The intermediary only needed to submit up-to-date rental bank statements as Paragon’s underwriting team was able to use documentation submitted for a previous completed loan. When the valuation was complete, the application was ready for offer within 14 working days.

3. A professional landlord submitted a remortgage application, looking to raise additional funds for home improvements across their rental portfolio. Paragon instructed the valuation on receipt of the application. Paragon’s underwriting team immediately requested documentation to evidence the performance of the portfolio and, once reviewed alongside a satisfactory valuation report, the application was ready for offer within 17 working days.

John Heron, Managing Director – Mortgages at Paragon, said: “Paragon’s strategic reorganisation is an important milestone and a positive development for our customers and intermediaries.

“By bringing more of our business into the banking framework, we can use our capital more efficiently and simplify our operating structure enabling us to offer better products, more competitive pricing and better service going forward.

“Our new branding presents a unified picture of our buy-to-let expertise for landlords big and small and backs up the new PRA standards being applied across the market.

“The wider brand alignment across buy-to-let and residential mortgages as well as the broader Paragon product range combines all our specialist finance expertise under one banner, giving all our customers and intermediary partners a clearer picture of who we are and all that we offer.

"As an out and out expert in lending to professional landlords, Paragon was well prepared to deal with the new PRA affordability rules. As outlined back in July, dealing with Paragon remained quicker, easier and more familiar, way ahead of the 30 September 2017 deadline.”

Visit and bookmark the new Paragon intermediary mortgages homepage.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551