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

FCA charges banned broker over alleged unauthorised mortgage advice

The Financial Conduct Authority (FCA) has charged Shaun Lawrence with operating as a mortgage...

TPFG invests in L&G surveying services parent to strengthen lender links

The Property Franchise Group has taken a 25% stake in Meridian HoldCo, the parent...

Bank holds rate as energy shock clouds mortgage outlook

The Bank of England has held Bank Rate at 3.75% as policymakers assess the...

NatWest launches mortgage guidance through ChatGPT

NatWest Group has become the first UK bank to launch an app in ChatGPT,...

Brokers told not to wait for FCA review before reassessing later life lending advice

Brokers should reassess how they approach older borrowers now rather than wait for regulatory...

Latest publication

Other news

FCA charges banned broker over alleged unauthorised mortgage advice

The Financial Conduct Authority (FCA) has charged Shaun Lawrence with operating as a mortgage...

TPFG invests in L&G surveying services parent to strengthen lender links

The Property Franchise Group has taken a 25% stake in Meridian HoldCo, the parent...

Bank holds rate as energy shock clouds mortgage outlook

The Bank of England has held Bank Rate at 3.75% as policymakers assess the...