Paragon reduces second charge rates and enhances criteria
Paragon is delighted to announce a refresh of its second charge product range, with reduced interest rates and ERC-free product options. They’ve also increased the maximum loan terms and acceptable customer ages.
You can expect:
Reduced rates on ERC-free products
- Reduced pricing on all existing ERC-free products, with a lead variable rate of just 3.63%
- 2-year fixed rate loans now available from 4.03% and 5-year fixes from 4.35%
- Product fees unchanged
New ERC products
- A new range of ERC products, across all variable and fixed rate plans
- Variable rate loans available from just 3.57%
- 2-year fixed rate loans available from 3.77% and 5-year fixes from 4.15%
- Product fees starting from £300
New maximum loan term and customer ages
- The maximum loan term is increased to 360 months across all loan plans
- Customer age limits increased as follows:
- The maximum age at the start of the loan term, for income to be considered, will increase from 60 to 75 (i.e. the customer must not have passed their 75th birthday). Customers aged over 70 at the start of the loan will be required to obtain independent legal advice.
- The maximum age at expiry of the loan for any (employed or self-employed income) to be considered will increase to 80 (must not have passed their 80th birthday).
- The maximum age at expiry of the loan, where the applicant’s income is not considered, will rise from 80 to 85 (term cannot extend beyond a customer’s 85th birthday).
Speak to TFC Homeloans about your second charge requirements!