Paragon refreshes second charge mortgage range
Paragon has reduced the interest rates on its second charge mortgage products to offer a competitive range of fixed and variable rate options for owner-occupiers looking for a complementary, secured loan to sit alongside their main mortgage.
Aimed at prime customers, Paragon’s second charge mortgage products are available at a maximum Loan to Value (LTV) of up to 85% and can be extended for up to 30 years. They also include a choice of products with and without an Early Redemption Charge (ERC).
Highlights of the ERC product range include a lead variable interest rate of just 3.47%, together with two-year fixed rate loans from 3.64%, three-year fixed rates from 3.75% and five-year fixed rates from 3.98%.
On the non-ERC range, product options include a lead variable rate of 3.63%, as well as two-year fixed rate loans from 3.64%, three-year fixed rate loans from 3.75% and five-year fixed rates from 3.98%.
Second charge mortgages can provide an attractive alternative to remortgaging for home owners in a wide variety of circumstances, including where a customer wants to retain a favourable interest rate or avoid an expensive ERC on their main mortgage. Second charge mortgages can also offer a wider choice of loan purpose options compared with first charge products.
John Webb, pictured, Second Charge Mortgages Director at Paragon said:
“This is a really exciting range of second charge mortgage products. The competitive interest rates are designed to broaden the appeal of the products to a wider range of intermediaries and offer them an alternative solution for customers who want additional mortgage borrowing without having to disrupt their existing arrangements.”
Mortgage intermediaries can see Paragon’s full range of second charge products on the Iress Trigold, MortgageBrain and Twenty7Tec sourcing systems. Intermediaries can submit a mortgage application through a wide selection of master packagers or by getting in touch with Paragon direct.