Paradigm has announced the launch of new, exclusive Large Loan products from Harpenden Building Society to its member firms.
Available for loans over £1 million, the two-year fixed-rate products cover off both repayment and interest-only options, and include:
- £1m – £1,249,999 – available up to 75% LTV with a current rate of 5.23%.
- £1.25m – £1,999,999 – available up to 70% LTV with a current rate of 5.23%.
- £2m – £2.5m – available up to 75% LTV with a current rate of 5.63%.
Arrangement fees for the 70% and 75% LTV products are £1,500 and £3,000 for the 65% LTV.
Harpenden Building Society specialise in assisting borrowers with complex income streams and other non-standard requirements, such as unusual properties. It offers a range of residential and specialist mortgage products covering holiday let and second home properties, buy-to-lets and those for self-build borrowers.
For those Paradigm member firms not active in the Large Loan space, the distributor offers referral options with other members in order to access specialist advice for clients.
Richard Howes (pictured), director of mortgages at Paradigm, said: “We have worked closely with Harpenden Building Society for a number of years and we are very pleased to be able to offer these exclusive Large Loan products to Paradigm member firms. They come with a significant discount of 40 basis points off the Harpenden products available to the wider market, and this is a direct benefit of being a Paradigm member which will clearly benefit clients.
“For advisory firms who are not active in this space, but who may be dealing with clients needing larger loans, we offer a quality referral process that will ensure borrowers have access to those firms who do offer this specialist service. Those who refer can ensure their clients are in the safest of hands, plus they also receive the referral income, not forgetting the benefits of being able to signpost clients to specialists – a big focus of the Consumer Duty rules.”
Andrew Foster, commercial manager at Harpenden Building Society, added: “We’re delighted to team up with Paradigm Mortgage Services to offer these attractive Large Loan exclusives to its members. The Society specialises in assisting customers with complex income streams and other non-standard requirements, such as unusual properties. We look forward to working with Paradigm to help deliver good outcomes for these customers.”
