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

Advice firm wins first client through ChatGPT after AI visibility push

A financial advice firm secured its first client through ChatGPT within two weeks of...

Alps expands landlord insurance add-ons on Acturis

Alps has made its full range of let property insurance add-ons available through the...

Lifetime ISAs linked to £67.5bn of first-time buyer property purchases

Lifetime ISAs have helped more than 417,000 people buy their first home since the...

Landbay webinar to examine outlook for rates and UK economy

Landbay is to host an economic webinar examining the outlook for interest rates, inflation...

Cost of living hits homeownership plans for more than half of young Scots

More than half of younger adults in Scotland say cost-of-living pressures are the biggest...

Latest publication

Other news

Advice firm wins first client through ChatGPT after AI visibility push

A financial advice firm secured its first client through ChatGPT within two weeks of...

Alps expands landlord insurance add-ons on Acturis

Alps has made its full range of let property insurance add-ons available through the...

Lifetime ISAs linked to £67.5bn of first-time buyer property purchases

Lifetime ISAs have helped more than 417,000 people buy their first home since the...