Paragon cuts second charge rates

Aimed at prime customers, Paragon’s second charge mortgage products are available at a maximum loan to value (LTV) of up to 85 per cent and offered at up to 30 years and with or without Early Redemption Charge (ERC).

The range includes a variable interest rate of 3.47 per cent, together with two-year fixed rate loans from 3.64 per cent, three-year fixed rates from 3.75 per cent and five-year fixed rates from 3.98 per cent.

The non-ERC range includes a 3.63 per cent rate, as well as two-year fixed rate loans from 3.64 per cent, three-year fixed rate loans from 3.75 per cent and five-year fixed rates from 3.98 our cent.

John Webb, second charge mortgages director at Paragon said: “This is a really exciting range of second charge mortgage products. The competitive interest rates are designed to broaden the appeal of the products to a wider range of intermediaries and offer them an alternative solution for customers who want additional mortgage borrowing without having to disrupt their existing arrangements.”