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PMS Mortgage Club adds Paragon to its lender panel for second charge mortgage plans

Mortgage club members at PMS now have a wider range of second charge mortgage plans to choose from, following the appointment of Paragon to its lender panel.

Already well known as a specialist buy-to-let lender, Paragon offers a wide range of second charge mortgages at competitive interest rates to homeowners in England, Wales and mainland Scotland.

Paragon’s second charge plans are available for amounts up to 85% loan to value (LTV) from £20,000 to £500,000. Its second charge mortgages can be repayed over 300 months and loan terms may be extended up to five years past retirement.

Important changes in the regulation of the second charge mortgage market in 2016 brought second charge lending into the FCA’s Mortgage and Home Finance Conduct of Business rules. These changes mean mainstream mortgage intermediaries can now propose second charge mortgages as a supplemental source of home finance for customers.

Second charge loans can provide an attractive alternative to remortgaging for customers with an existing mortgage, providing, for example, the opportunity to protect a favourable first mortgage rate, avoid early redemption charges on a first mortgage product or obtain a further advance when a first mortgage has an LTV restriction.

According to the Finance and Leasing Association, the second charge mortgage market in the UK totalled £1.0 billion for the 12 months to February 2018.

John Webb, Director of Second Charge Mortgages at Paragon said:

We’re delighted to announce this new partnership with PMS Mortgage Club, which extends our distribution to a wider range of mortgage intermediaries and brings the potential benefits of a second charge mortgage to a new set of customers.

Jane Benjamin, Head of Relationship Management at PMS said:

Paragon’s second charge products bring added choice and flexbility to intermediaries looking for a second charge mortgage solution on behalf of customers. Paragon’s service commitment, including its offer of direct access to underwriters, demonstrates its strong support for intermediaries and we look forward to working together.

31 May 2018

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