Paragon adds new short-term funding products

Paragon has added new short-term funding mortgage products to its ‘standard’, ‘light’ and ‘heavy’ refurbishment ranges.

Notable products include a 50 per cent LTV standard refurbishment product with a maximum product term of six months at 0.45 per cent. A 70 per cent LTV standard refurbishment offering has also been added – this product has a maximum term of six months at 0.65 per cent.

Both offers have a 1 per cent ERC for one month, a £150 application fee, and a 1.75 per cent product fee.

In addition, a 65 per cent LTV light refurbishment product with a maximum term of nine months at 1.15 per cent, and a 70 per cent LTV light refurbishment product with a maximum term of nine months at 1.20 per cent have been released.

The two above products have a 1 per cent ERC for two months, £150 application fee, and no product fees.

Furthermore, a 50 per cent LTV heavy refurbishment offering with a maximum term of 12 months at 0.65 per cent, and a 65 per cent LTV heavy refurbishment offering with a maximum term of 12 months at 0.75 per cent have been introduced.

Both products have a 1 per cent ERC for two months, £150 application fee, and a 1.75 per cent product fee.

Paragon director of mortgages John Heron comments: “Short term finance is an important part of the funding mix especially for professional landlords looking to grow or reconfigure their property portfolio.

“As landlord tax changes begin to bite, property refurbishments can offer an attractive route to boost capital value and improve yield.”

Recommended

John Heron

Intermediary business close to 10-year high: Paragon

Mortgage intermediaries enjoyed a bumper first quarter according to Paragon’s Financial Adviser Confidence Tracking Index, which surveys more than 200 of the UK’s largest mortgage intermediaries. On average, each mortgage office taking part in the survey introduced 24.5 mortgages in the first quarter, up by 6 per cent from 23 mortgages in Q4 2018 and […]

Home-House-Flat-Residential-Property-700x450.jpg

Five-year fixes rising in popularity: Paragon

Five-year fixed rate mortgages are rising in popularity, with 49 per cent of mortgage customers now opting for this term, according to data collected by Paragon. The data shows that this figure has almost doubled since 2013, when 25 per cent of mortgage customers chose five-year fixed rate products. Subsequently two- and three-year fixed rate […]

Business-Handshake-Finance-Deal-700.jpg

Paradigm adds Principality to its lender panel

Principality Building Society has been added to Paradigm Mortgage Services’ lender panel. Paradigm member firms will now be able to access Principality’s range of mortgage products, including residential, buy-to-let, and holiday let. Intermediaries will also be able to use a dedicated intermediary support desk, access underwriters, and product coverage across both England and Wales. Paradigm […]

Welsh-Wales-Flag-700x450.jpg

Review of affordable housing in Wales calls for reform

A report commissioned by the Welsh government to examine affordable housing supply in Wales has called for a reform of the grant system, and the introduction of long-term partnerships funding for social landlords. The Independent Review of Affordable Housing Supply said reform was “overdue” and that the existing fixed-rate, annual grant system for affordable housing […]

Newsletter

News and expert analysis straight to your inbox

Sign up