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).
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