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Paragon launches new five-year fixed rate products

Paragon Bank has announced that it is adding two new five-year fixed rate mortgages to its portfolio product range.

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 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.

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.

Moray Hulme, Director for Mortgage Sales 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”

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.

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