Paragon has cut the interest rates on its second charge mortgage products.

Aimed at prime customers, Paragon’s second charge mortgage products are available at a maximum Loan to Value (LTV) of up to 85% and can be extended for up to 30 years. They also include a choice of products with and without an Early Redemption Charge (ERC).

Highlights of the ERC product range include a lead variable interest rate of 3.47%, together with two-year fixed rate loans from 3.64%, three-year fixed rates from 3.75% and five-year fixed rates from 3.98%.

On the non-ERC range, product options include a lead variable rate of 3.63%, as well as two-year fixed rate loans from 3.64%, three-year fixed rate loans from 3.75% and five-year fixed rates from 3.98%.

John Webb, second charge mortgages director at Paragon, said: “This is a really exciting range of second charge mortgage products. The competitive interest rates are designed to broaden the appeal of the products to a wider range of intermediaries and offer them an alternative solution for customers who want additional mortgage borrowing without having to disrupt their existing arrangements.”