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Paragon unveils residential mortgage range

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  • 16/01/2017
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Paragon unveils residential mortgage range
Paragon Mortgages has launched its first residential mortgage range which will focus on specialist lending to purchase customers.

The firm, which has traditionally positioned itself as a buy-to-let lender, has partnered with Legal & General to distribute the initial range.

Products include two-year fixed rates starting at 3.29% and five-year fixed deals starting from 3.49%, both available up to 75% and 85% loan-to-value (LTV).

The range will focus on supporting the self-employed, those borrowing into retirement and customers with complex incomes struggling to obtain a mortgage through high street lenders. Customers will be assessed on a case-by-case basis by Paragon’s team of underwriters.

Publishing its results for the year to September 2016, Paragon confirmed in November its intention to launch into the residential mortgage market as the bank saw buy-to-let lending drop 12% in the year.

John Heron (pictured), managing director, Paragon Mortgages, said: “From our experience in the buy-to-let market, we know that customers with multiple sources of income are often amongst the most credit-worthy and we see a unique opportunity to leverage this experience and bring new choice and competition to the owner-occupied market.”

Jeremy Duncombe, director, Legal & General Mortgage Club, said Paragon’s launch into the specialist residential market would be a boon to competition.

“Their detailed approach to underwriting, and experience in lending to complex customers, will be a real asset both to brokers, and customers who struggle to find products with high-street lenders. Legal & General Mortgage Club strives to continue to bring choice and competition to the market for our brokers, and Paragon will be a great addition to our proposition,” Duncombe said.

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