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Paragon Financial institution has launched a versatile ‘observe to repair’ mortgage characteristic as a part of a variety refresh that sees aggressive worth revisions throughout fastened, variable and additional advance merchandise.
The characteristic permits buy-to-let landlords to pick out a brand new discounted variable charge mortgage which could be switched to an accessible Paragon fastened charge swap product at any given time in the course of the time period, incurring no early compensation costs (ERCs).
The characteristic is a part of an intensive refresh of the specialist lender’s vary, with new or revised choices throughout portfolio and additional advance merchandise.
For portfolio landlords – these with 4 or extra mortgaged buy-to-let properties – Paragon is including two new 2-year fastened charge mortgage to its vary, with preliminary charges beginning at 4.95%. Reductions on variable charge mortgages have additionally been revised, with elevated reductions on 12 month, 2- and 3-year SVR merchandise.
As well as, Paragon has additionally new additional advance merchandise launched with each fastened and discounted variable charge choices accessible. Chosen merchandise embrace free mortgage valuations and can be found on homes in a number of occupation (HMO), multi-unit blocks (MUB) and single self-contained (SSC) properties.
Moray Hulme, Director for Mortgage Gross sales mentioned: “We’re delighted to share our refreshed product vary with the market, and are notably excited in regards to the introduction of a ‘observe to repair’ characteristic. This enables debtors to change from considered one of our new discounted normal variable charge merchandise to considered one of our fastened charge merchandise with out paying ERCs. This allows our prospects to safe the finance they want now, monitor the market after which doubtlessly repair at a charge that works for them. We all know that the fluidity seen out there just lately implies that some debtors need to strike a steadiness between flexibility and certainty, which this characteristic gives.”
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