Paragon reduces second charge rates
Paragon has reduced the interest rates on its second charge mortgage products.
Highlights of the early repayment charge (ERC) product range include a lead variable interest rate of just 3.47%, together with 2-year fixed rate loans from 3.64%, 3-year fixed rates from 3.75% and 5-year fixed rates from 3.98%.
John Webb, second charge mortgages director at Paragon, said: “This is a really exciting range of second charge mortgage products.
On the non-ERC range, product options include a lead variable rate of 3.63%, as well as 2-year fixed rate loans from 3.64%, 3-year fixed rate loans from 3.75% and 5-year fixed rates from 3.98%.
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).
Paragon said that second charge mortgages can provide an attractive alternative to remortgaging for homeowners 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.
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