Paragon unveils switch and further advance products

Published on

Paragon has introduced a range of switch and further advance products for portfolio and non-portfolio landlords.

Across both portfolio and non-portfolio ranges, rates start at 2.95% for landlords who are looking to switch to a new product, while further advance fixed rates start at 3.40%.

For portfolio landlords – those with four or more mortgaged properties – these products are available for individual landlords as well as those operating as limited companies or limited liability partnerships. The products are suitable for financing single self-contained properties (SSC), houses in multiple occupation (HMOs) and multi-unit blocks (MUB).

The non-portfolio range is available consumer buy-to-let customers on single self-contained properties (SSC).

Landlords can choose from a range of two and five-year term products, some of which feature zero product and application fees as well as free mortgage valuations. All products include an interest coverage ratio (ICR) starting at 4.00% and are subject to Early Repayment Charges (ERC) of 5% in years one and two, 4% during years three and four and 3% for year five.

Moray Hulme (pictured), director for mortgage sales, said: “The PRA’s introduction of new underwriting standards in 2017 led to a substantial increase in the number of five-year fixed rate mortgages written between December 2016 and January 2018. We’ve launched a new range of keenly priced switch products to cater to the wave of landlords who will have loans reaching maturity in 2022.

“In addition, we know that there is a growing number of landlords who are looking to make their properties more energy efficient or are thinking about expanding their portfolios, perhaps taking on somewhere that requires some work to bring up to a good standard. Our further advance products are perfect in these types of scenarios, so we’re pleased to be able to support investment in improving the quality and quantity of private rented sector stock.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Santander lifts remortgage LTV limit for capital raising

Santander UK is increasing the maximum loan-to-value (LTV) available to customers remortgaging with capital...

Upfront costs deter homeowners from retrofitting despite long-term energy savings

Retrofitting existing homes with energy-efficient technology could play a major role in helping the...

FCA takeover of AML oversight a ‘wake-up call’ for law firms, says SmartSearch

The Solicitors Regulation Authority’s loss of its anti-money laundering (AML) supervision powers marks a...

Bath BS invites broker feedback with prize draw

Bath Building Society has launched a broker survey inviting feedback on members’ recent experiences. Participants...

Shawbrook expands buy-to-let range with new specialist products

Shawbrook Bank has launched a refreshed buy-to-let range designed to give brokers and landlords...

Latest publication

Other news

Santander lifts remortgage LTV limit for capital raising

Santander UK is increasing the maximum loan-to-value (LTV) available to customers remortgaging with capital...

Upfront costs deter homeowners from retrofitting despite long-term energy savings

Retrofitting existing homes with energy-efficient technology could play a major role in helping the...

FCA takeover of AML oversight a ‘wake-up call’ for law firms, says SmartSearch

The Solicitors Regulation Authority’s loss of its anti-money laundering (AML) supervision powers marks a...