Paradigm launches lifetime offset
The mortgage has a rate of 3.49% and will be the first lifetime discount product available at 85% loan to value.
It is available to both appointed representatives of Paradigm and its directly authorised members, and has a procuration fee of 0.37% up to a maximum of £1500.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “We constantly endeavour to offer our members not only the most competitive rates in the market, but products that are not available elsewhere and this lifetime offset exclusive from the Hinckley & Rugby ticks both those boxes.
“As mortgage lending activity starts to awake from its recent hibernation, brokers are keen to have products in their arsenal that will differentiate them from the competition and this mortgage will allow them to do that.
“There are precious few products in this niche that carry LTVs up to this level, so we would expect take-up to be keen.”
The application fee on the product is £295 and it has a completion fee of £695 which can be added to the mortgage.
The lifetime discount also comes with free valuation, free legals for remortgages where there is no transfer of equity involved and no early repayment charges.
It is not available on new build houses and flats.