Paragon has reduced the interest rates on its second charge mortgage products.
The specialist bank’s second charge mortgage range is available to owner-occupiers looking for a complementary, secured loan to sit alongside their main mortgage.
The range — which is aimed at prime customers — is available at a maximum LTV of up to 85%, and can be extended for up to 30 years.
It also has a choice of products with and without an early repayment charge (ERC).
Highlights of the ERC range include a lead variable interest rate of 3.47%, together with two-year fixed rate loans from 3.64%, three-year fixed rates from 3.75% and five-year fixed rates from 3.98%.
For the non-ERC range, product options include a lead variable rate of 3.63%, as well as two-year fixed rate loans from 3.64%, three-year fixed rate loans from 3.75% and five-year fixed rates from 3.98%.
“The competitive interest rates are designed to broaden the appeal of the products to a wider range of intermediaries and offer them an alternative solution for customers who want additional mortgage borrowing without having to disrupt their existing arrangements,” said John Webb, second charge mortgages director at Paragon (pictured above).
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Maria Harris set to leave Atom bank
Atom bank has revealed that its director of retail mortgages Maria Harris (pictured above) is set to leave to become an independent consultant in the mortgage market...
Handelsbanken reports 6% surge in UK lending
Handelsbanken has reported a 6% increase in UK lending to £21.4bn in Q2 2019, compared with Q2 2018...
Tandem reveals development of new mortgage product
Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers...
Goldman Sachs invests €25m in Raisin
Goldman Sachs has provided €25m of funding to Raisin...
The power of partnerships
Since our launch in September 2015, we have proven our ability to innovate in the UK savings market, which has been recognised with various savings awards...
N26 rebrands premium account
Mobile bank N26 has launched a premium accounts product named N26 You...
Sesame adds Investec Private Bank to panel
Investec Private Bank has been added to Sesame’s panel...
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...
City of London Group posts £3.6m pre-tax loss after absorbing banking licence costs
City of London Group PLC (COLG) has reported a pre-tax loss of £3.6m for the year ended 31st March 2019 after absorbing £1.7m of costs associated with applying for a UK banking licence and acquisition of Acorn to Oaks Financial Services Limited...
Redwood Bank appoints two new BDMs
Redwood Bank has appointed Dan Carter (pictured above, left) and Sue Young (right) as BDMs...
Sainsbury’s Bank updates residential and BTL mortgage ranges
Sainsbury’s Bank has updated its residential and BTL mortgage ranges...