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Paragon adds 5-year fixed rate products

Jake Carter

March 3, 2021

housing

Paragon Bank has introduced two 5-year fixed rate mortgage products.

The first product has an initial rate of 3.44% and a product fee of 2% while the second has an initial rate of 3.50% and a 1% product fee.

The maximum loan size for both products is £750,000 up to 75% LTV, £1m up to 70% LTV and £2m up to 65% LTV.

Both products come with a free mortgage valuation and are available to landlords who are purchasing or remortgaging single self-contained properties in their personal names or through their limited company.

Early redemption charges of 5% are in place during years one and two, charged at 4% for years three and four and 3% for year five.

Moray Hulme, director for mortgage sales at Paragon Bank, said: “In response to the current strong demand and ahead of the imminent budget announcement, we have reviewed our product range.

“We have decided to offer two products that give landlords who are interested in either purchasing or remortgaging on single self-contained properties a couple of well suited options.

“This comes ahead of a significant re-structuring of our product range and we look forward to sharing more information once it is available.”


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