PMS Mortgage Club adds Paragon to second charge panel

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  • 31/05/2018
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PMS Mortgage Club adds Paragon to second charge panel
PMS Mortgage Club members can now access Paragon’s second charge product range.

 
The lender offers up to 85% loan to value (LTV) from £20,000 to £500,000.

Its second charge mortgages can be repaid over 300 months and loan terms may be extended up to five years past retirement.

Second charge loans can provide an attractive alternative to remortgaging for customers with an existing mortgage, providing, for example, the opportunity to protect a favourable first mortgage rate, avoid early redemption charges on a first mortgage product or obtain a further advance when a first mortgage has an LTV restriction, said PMS.

According to the Finance and Leasing Association, the second charge mortgage market in the UK totalled £1bn for the 12 months to February 2018.

John Webb, director of second charge mortgages at Paragon, said: “We’re delighted to announce this new partnership with PMS Mortgage Club, which extends our distribution to a wider range of mortgage intermediaries and brings the potential benefits of a second charge mortgage to a new set of customers.”

Jane Benjamin, head of relationship management at PMS (pictured), said: “Paragon’s second charge products bring added choice and flexibility to intermediaries looking for a second charge mortgage solution on behalf of customers. Paragon’s service commitment, including its offer of direct access to underwriters, demonstrates its strong support for intermediaries and we look forward to working together.”

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