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

Bristol leads LISA house purchase hotspots as activity spreads across UK

Bristol, Belfast and Sheffield were the most popular locations for Lifetime ISA-backed first-time buyer...

Conveyancers set out reform priorities in response to estate management consultations

The Conveyancing Association has outlined practical reforms to improve transparency and reduce delays in...

Twenty7tec adds two to marketing team

Twenty7tec has appointed Ellisha Jade and Sam Cane to its marketing team as it...

Stamp Duty receipts from homebuyers rise to £995m in February

Homebuyers paid £995m in Stamp Duty Land Tax in February, up from £899m in...

Targeted Support may encourage more savers to seek financial advice

Nearly half of independent financial advisers believe the Financial Conduct Authority’s new Targeted Support...

Latest publication

Other news

Bristol leads LISA house purchase hotspots as activity spreads across UK

Bristol, Belfast and Sheffield were the most popular locations for Lifetime ISA-backed first-time buyer...

Conveyancers set out reform priorities in response to estate management consultations

The Conveyancing Association has outlined practical reforms to improve transparency and reduce delays in...

Twenty7tec adds two to marketing team

Twenty7tec has appointed Ellisha Jade and Sam Cane to its marketing team as it...