- Track to fix feature available on new discounted variable rate mortgages
- New 2-year fixed products with initial rates starting at 4.95%
- Revised discounts on 12-month, 2- and 3-year discounted variable rate mortgages
Paragon Bank has launched a flexible ‘track to fix’ mortgage feature as part of a range refresh that sees competitive price revisions across fixed, variable and further advance products.
The feature enables buy-to-let landlords to select a new discounted variable rate mortgage which can be switched to an available Paragon fixed rate switch product at any given time during the term, incurring no early repayment charges (ERCs).
The feature is part of an extensive refresh of the specialist lender’s range, with new or revised options across portfolio and further advance products.
For portfolio landlords - those with four or more mortgaged buy-to-let properties – Paragon is adding two new 2-year fixed rate mortgage to its range, with initial rates starting at 4.95%. Discounts on variable rate mortgages have also been revised, with increased discounts on 12 month, 2- and 3-year SVR products.
In addition, Paragon has also new further advance products launched with both fixed and discounted variable rate options available. Selected products include free mortgage valuations and are available on houses in multiple occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Moray Hulme, Director for Mortgage Sales said: “We’re delighted to share our refreshed product range with the market, and are particularly excited about the introduction of a ‘track to fix’ feature. This allows borrowers to switch from one of our new discounted standard variable rate products to one of our fixed rate products without paying ERCs. This enables our customers to secure the finance they need now, monitor the market and then potentially fix at a rate that works for them. We know that the fluidity seen in the market recently means that some borrowers want to strike a balance between flexibility and certainty, which this feature provides.”
For more information, including ERCs, reversion rates, APRCs and product fees, please see the product guides available on the Paragon Bank website.
For further information contact:
Jordan Lott
Media Relations Manager
Paragon Bank
[email protected]
Notes to editors:
Paragon lends to private individuals and limited companies and has mortgages suitable for single, self-contained properties, as well as HMOs and multi-unit blocks. Paragon can accommodate higher aggregate lending limits and more complex letting arrangements including local authority leases and corporate leases along with standard ASTs.
Paragon introduced its first product aimed at the professional property investor in 1995 and is a member of UK Finance, the Intermediary Mortgage Lenders Association (IMLA), National Landlords Association (NLA) and the Association of Residential Letting Agents (ARLA).
Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of loan assets under management and manages over 450,000 customer accounts.
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. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ.