Paradigm Mortgage Services has announced the launch of a new five year fixed-rate product exclusively available to its members from Hinckley & Rugby Building Society.

The maximum 80% LTV product is available now and is fixed for five years at 3.45% from the date of completion, reverting to the Hinckley & Rugby SVR after this period. There is a £199 arrangement fee, a £800 completion fee (which can be added to the loan), plus there is a scaled valuation fee from £245 upwards.

The product comes with early repayment charges for the full five years and there is an annual overpayment allowance of 10% per annum. The minimum advance is £50,000, the minimum age for applicants is 23, and there are free legals available for those remortgaging.

Paradigm says it has also secured “competitive commission terms” for all members on this product.

John Coffield, head of Paradigm Mortgage Services, said: “With Bank Base Rate destined to begin its move upwards any month now, advisers will undoubtedly be finding that purchasers, movers and those looking to remortgage are increasingly interested in longer-term fixed rate products in order to have monthly mortgage payment certainty.

“We have always had a particularly strong relationship with the team at Hinckley & Rugby – a lender which is a great supporter of the intermediary community, has a strong service ethic and one that has an increasing appetite to lend. This is why we are particularly pleased to be offering this exclusive product to all Paradigm members from today. Our aim, as a distributor focused on quality, is to offer our provider partners access to the top intermediaries in the country and to ensure our intermediary members are able to secure the best products and terms available.

“We believe this exclusive from Hinckley & Rugby does just this and we are sure there will be strong demand for it from both intermediaries and their client base.”

Emily Smith, business development manager at Hinckley & Rugby Building Society, added: “Hinckley & Rugby Building Society joined forces with Paradigm Mortgage Services over 12 months ago and we are committed to working together to move the relationship from strength to strength.

“We are delighted to offer this exclusive and competitive five-year fixed rate product and we hope this will result in a high level of interest from the Paradigm members.”