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Second charge mortgages

We are a provider of second charge mortgages secured on owner occupied residential properties in England, Wales and mainland Scotland.

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Why choose a Paragon second charge mortgage for your customers?

Market leading and transparent products icon
A wide range of easy to understand products at competitive rates
Repayment icon
Loans from £20,000 to £500,000 with repayment terms of 60-360 months
Fixed and variable icon
ERC and non-ERC products available with fixed and variable rate options
Direct contact icon
Direct contact with underwriters
 

Our loans are suitable if your customer is looking to:

  • Protect a favourable first mortgage rate
  • Avoid early redemption charges (ERCs) on a first mortgage
  • Get a further advance that their first mortgage lender has
    been unable to provide
  • Repay their additional borrowing over a shorter or longer term than their first mortgage​

And are available for most purposes apart from:

  • Settlement of outstanding tax
  • Funding cosmetic surgery
  • Financial speculation
  • Installation of solar panels
  • Marital settlement

Interested in joining our intermediary network?

Download the registration form

If you have a customer in mind, or want to know more, you can contact us directly on...

0345 149 7756

scdirect@paragonbank.co.uk

 

Case studies

Take a look through our case studies for examples of how our second charge mortgages have been used.​

Home Improvement

Home improvement

Paragon helps fund extensive home improvements

ERCs

ERCs

Second charge mortgage from Paragon avoids costly ERCs

Consolidation

Consolidation

Paragon helps customer consolidate debt and save £950pm

Reduce outgoings

Reduce outgoings

£760pm saving for home improver looking to protect existing deal

 
Home Improvement

Home improvement

Paragon helps fund extensive home improvements

When making substantial home improvements, it’s difficult to stay within a planned budget – there are usually unexpected complications that incur additional cost to remedy.

When a customer needed a further £50k to finish off extensive works at their home, Paragon was able to offer the full amount, secured against the residential property.

The customer had been unable to secure lending elsewhere due to being four years into a long-term fixed rate product with another lender and tied in with a high redemption penalty.​

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ERCs

ERCs

Second charge mortgage from Paragon avoids costly ERCs

Paragon completed a £56k second charge mortgage to help a customer consolidate their debt and make much needed home improvements.

With three years left on a fixed rate mortgage product with another lender, the customer wanted to protect their existing rate and avoid paying expensive early repayment charges.

Paragon took the case and not only offered the £56k but also managed to reduce the customer’s monthly outgoings by £490.​

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Consolidation

Consolidation

Paragon helps customer consolidate debt and save £950pm

With two years left on a fixed rate mortgage and a high redemption penalty, this customer came to Paragon for a second charge mortgage of £100k, to consolidate debt.

Paragon was able to offer a two-year fixed deal to boost the customer’s monthly disposable income and provide the security of a consolidated payment until the end of the fixed rate period on both mortgages. The customer reduced their monthly outgoings by £950.

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ERCs

Reduce outgoings

£760pm saving for home improver looking to protect existing deal

With 11 months left on a fixed rate mortgage product with another lender, this customer didn’t want to redeem and lose a great deal whilst paying a high redemption fee. So they came to Paragon to secure £60k for debt consolidation and home improvements.

Paragon was able to secure the loan against the customer’s residential property and managed to reduce the customer’s monthly outgoings by £760 after the consolidation.

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Frequently asked questions

Paragon may be an appropriate lender for my customer, how do I work with you?

We can only accept applications from our panel of registered second charge introducers. If you are interested in working with us, you can complete and return our registration form, telephone us on 0345 149 7756 or email us at scdirect@paragonbank.co.uk

Do I have to be FCA authorised to work with Paragon?

Yes. We only work with intermediaries who are FCA authorised.

What FCA permissions do I need to work with Paragon?

Every intermediary we work with must be approved by the FCA and have permissions for:

  • Advising on regulated mortgage contracts
  • Arranging (bringing about) regulated mortgage contracts
  • Making arrangements with a view to regulated mortgage contracts

Do I need to be registered with the Information Commissioners Office?

Yes, you do need to be registered with the ICO.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551