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).
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...