Paragon unveils new five-year fixed rate portfolio products

Paragon Bank has added a pair of new five-year fixed rate mortgages to its portfolio product range.

The maximum loan size for both products is £750,000 up to 75% loan to value (LTV), £1m up to 70% LTV and £2m up to 65% LTV.

Both products come with a free mortgage valuation and are available to landlords who are purchasing or remortgaging single self-contained properties in their personal names or through their limited company.

The first product has an initial rate of 3.44% and a product fee of 2% while the second has an initial rate of 3.50% and a 1% product fee.

Early redemption charges (ERC) of 5% are in place during years one and two, charged at 4% for years three and four and 3% for year five.

Moray Hulme (pictured), director for mortgage sales at Paragon, said: “In response to the current strong demand and ahead of the imminent budget announcement, we have reviewed our product range.

“We have decided to offer two products that give landlords who are interested in either purchasing or remortgaging on single self-contained properties a couple of well suited options.

“This comes ahead of a significant re-structuring of our product range and we look forward to sharing more information once it is available.”

Exit mobile version