Paragon Mortgages launches into residential market

Paragon Mortgages launches into residential market


Todays other news
Nationwide is reducing stress rates by between 0.75 and 1.25...
It's one of the first deals of its kind since...
This month’s increase is smaller than usual, and the lowest...
This hybrid product is designed for borrowers aged 50 and...
One in 10 have no cash savings, another 21% have...


Paragon Mortgages has entered the residential mortgage market after announcing the launch of a new range of products for owner-occupiers. 

The lender, which is best-known for its activity in the buy-to-let market, says it is aiming to increase competition and choice for consumers.

The group says that older borrowers and those that are self-employed are often deemed too ‘complicated’ and are faced with a limited product choice as a result. 

With this in mind, Paragon says it will assess each case on an individual basis. 

 

The lender’s first residential products include two and five-year fixed-rate mortgages available at 75% and 85% loan-to-value. Interest rates have been set at 3.29% for two-year products and 3.49% for five-year products.

The residential launch is in partnership with Legal & General Mortgage Club and products will be distributed via three of Legal & General’s intermediary partners.

“From our experience in the buy-to-let market, we know that customers with multiple sources of income are often amongst the most credit-worthy and we see a unique opportunity to leverage this experience and bring new choice and competition to the owner-occupied market,” comments John Heron, managing director of Paragon.

Jeremy Duncombe, director of Legal & General Mortgage Club, adds: “We are delighted to see Paragon enter the specialist residential market, and welcome the further competition they will bring to the market. Their detailed approach to underwriting, and experience in lending to complex customers, will be a real asset both to brokers, and customers who struggle to find products with high-street lenders.”

 

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Introducer Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
It's one of the first deals of its kind since...
This hybrid product is designed for borrowers aged 50 and...
One in 10 have no cash savings, another 21% have...
Buyers can receive real-time information about the likelihood of getting...
Before inflation rose, some analysts hoped for four cuts this...
Nationwide has gone in the opposite direction to the Bank...
Recommended for you
Latest Features
Nationwide is reducing stress rates by between 0.75 and 1.25...
It's one of the first deals of its kind since...
This month’s increase is smaller than usual, and the lowest...
Sponsored Content
Historically second charge mortgages or secured loans as they are...
Lenders must say what they mean and mean what they...
Fraudsters attacking the conveyancing sector, successfully stealing large sums of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here