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FAQ / Mortgage questions

About our mortgages

I took a second charge loan out with Paragon Personal Finance Ltd prior to 2014, who should I contact?

If you took out a second charge mortgage with Paragon before 2014 and have a query, please call 0345 147 9303.

 

What is a second charge mortgage?

Second charge mortgages are personal loans against which you offer some form of security – in our case that security is your home. Second charge mortgages are usually taken out to make home improvements, like a conservatory or extension. Some people use them for big purchases such as a car or holiday of a lifetime, and often they are used to re-organise finances and consolidate debts**

**consolidating your debt may increase the amount you pay back overall and extend the repayment period. Repaying borrowing over a longer term may increase overall interest charges – but it can help keep your repayments at a more affordable level.

 

What can I use a Paragon secured loan for?

Secured loans offer a convenient way of simplifying and re-organising your monthly budget by consolidating existing debts into a single loan and monthly repayments. It is often possible to raise additional cash at the same time for home improvements, a holiday, or other expenses such as a family wedding.

Although your current monthly outgoings and the interest rates you’re paying can often be significantly reduced, you should be aware that stretching your finances over a longer term could increase the overall amount of interest you’ll pay. You should discuss this with your broker at the time of application.

 

Is there anything I can't use a second charge mortgage for?

We won’t consider second charge mortgage applications that are for:

  • Business purposes
  • Cosmetic surgery
  • Settlement of outstanding tax
  • Installation of solar panels
  • Financial speculation
  • Funding towards marital settlement
 

What is a repayment mortgage?

A repayment mortgage is a mortgage where each monthly payment partly covers the interest due each month with the rest going towards paying off the original amount you borrowed.

 

I have an existing loan with Paragon; can I borrow any more money?

If you would like to borrow further funds, please contact an independent financial advisor to discuss your requirements.

 

What do I do if I'm thinking of remortgaging or want to borrow more money on my first mortgage?

If you would like to borrow further funds, please contact an independent financial advisor to discuss your requirements.

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