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TODAY'S OTHER NEWS

Paragon refreshes buy-to-let switch and further advance products

Paragon’s buy-to-let switch and further advance product ranges have been refreshed for portfolio and non-portfolio landlords.

The products include a range of two and five-year fixes available at 75% and 80% loan-to-value (LTV) for individuals, limited companies and limited liability partnerships.

The portfolio range can be used to finance single self-contained units (SSCs), multi-unit blocks (MUBs) or houses in multiple occupation (HMOs).

Highlights from the refreshed portfolio switch product range for SSC units at 75% LTV include a two-year fixed rate mortgage at 3.55% with a 0.50% product fee and a five-year fixed rate mortgage at 3.80% with no product fee.

For MUBs and HMOs at 75% LTV, the refreshed portfolio range includes a two-year fixed rate mortgage at 3.65% with a 0.50% product fee and a five-year fixed rate mortgage 3.90% with no product fee.

In the new portfolio further advance product range, highlights include a 75% LTV two-year fixed rate mortgage at 3.35% with a 0.25% product fee for SSCs and an 80% five-year fixed rate mortgage at 3.85% with a 0.5% product fee for MUBs and HMOs.

There is no application fee for each of the portfolio further advance products.

For non-portfolio landlords, new switch options include two and five-year fixed mortgages starting from 2.85% on loans up to 75% LTV with a 1% product fee and at 3.50% on loans up to 80% LTV with no fee.

The refreshed non-portfolio further advance products include a 75% LTV two-year fixed rate mortgage at 3.30% with a 0.25% product fee and, at 80% LTV, a five-year fixed rate mortgage at 3.70% with a 0.50% product fee.

Additionally, Paragon has increased procuration fees on switch products from 0.25% to 0.30%. Further advance proc fees remain at 0.50%.

John Heron, managing director of mortgages at Paragon, said: “This is a significant refresh of our portfolio and non-portfolio buy-to-let mortgage product range, designed to extend the choice and flexibility for landlords with portfolios varying in size and complexity.”

“The competitive rates we offer, alongside fee-free products and our specialist underwriting capability, makes Paragon one of the first choices for portfolio and non-portfolio landlords.”

“We also understand the valuable contribution our intermediary partners make in ensuring the right products are delivered to the right customers,” he continued.

“Where a broker recommends a Paragon switch product and is proactively engaged in the process, we believe that it is appropriate that the intermediary is rewarded, which is why we’ve increased proc fees to 0.30%.”

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