Paragon Launches New Switch and Advanced New Products

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“We have launched a new line of value-priced switching products to respond to the wave of homeowners who will have loans maturing in 2022.”

In the portfolio and non-portfolio ranges, rates start at 2.95% for homeowners looking to switch to a new product, while the advanced fixed rates start at 3.40%.

For portfolio owners, the products are available to individual owners as well as to those who operate as public limited companies or limited liability companies. The products are suitable for financing stand-alone individual properties, HMOs and multi-unit blocks.

The Non-Portfolio Line is available to consumers buying to rent on Single Self-Contained Properties (SSC).

Homeowners can choose from a range of two- and five-year term products, some of which have no product and application fees as well as free mortgage appraisals. All products include an Interest Coverage Rate (ICR) starting at 4.00% and are subject to a prepayment charge of 5% in years one and two, 4% in years three and four, and 3% for the fifth year.

Moray Hulme, Director of Mortgage Sales at Paragon, said: “The PRA’s introduction of new underwriting standards in 2017 resulted in a substantial increase in the number of five-year fixed rate mortgages taken out between December 2016 and January 2018. We have launched a new range of price substitutes. very advantageous to respond to the wave of homeowners who will have loans maturing in 2022.

“Additionally, we know there are a growing number of homeowners looking to make their properties more energy efficient or are considering expanding their portfolio, perhaps by taking on something that requires work to upgrade. Our other advanced products are perfect in these types of scenarios, so we are delighted to be able to support investments in improving the quality and quantity of the private rental stock.


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