Paragon Bank has launched a flexible ‘track to fix’ mortgage feature as part of a range refresh that sees price changes across fixed, variable and further advance products.
The feature enables buy-to-let landlords to select a new discounted variable rate mortgage which can be switched to an available Paragon fixed rate switch product at any given time during the term, incurring no early repayment charges (ERCs).
The feature is part of a major refresh of the specialist lender’s range, with new or revised options across portfolio and further advance products.
For portfolio landlords – those with four or more mortgaged buy-to-let properties – Paragon is adding two new two-year fixed rate mortgage to its range, with initial rates starting at 4.95%. Discounts on variable rate mortgages have also been revised, with increased discounts on 12-month, two and three-year SVR products.
In addition, Paragon has also new further advance products launched with both fixed and discounted variable rate options available. Selected products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Moray Hulme (pictured), director for mortgage sales at Paragon Bank, said: “We’re delighted to share our refreshed product range with the market, and are particularly excited about the introduction of a ‘track to fix’ feature. This allows borrowers to switch from one of our new discounted standard variable rate products to one of our fixed rate products without paying ERCs.
“This enables our customers to secure the finance they need now, monitor the market and then potentially fix at a rate that works for them. We know that the fluidity seen in the market recently means that some borrowers want to strike a balance between flexibility and certainty, which this feature provides.”
