New mortgage range launched by Paragon
Paragon, a long-standing buy-to-let mortgage lender, has launched a range of residential mortgages for the first time.
The lender said it will focus on serving customers who are not adequately catered for on the high street, including those with complex incomes, the self-employed and those borrowing into retirement.
These borrowers are often considered too complicated by mainstream lenders and face limited product choice and innovation as a result, said the lender, but Paragon’s team of experienced underwriters will address this issue by working closely with mortgage advisers to support customers, assessing each case on an individual basis.
The new mortgages include two and five year fixed rate mortgages available at 75% and 85% loan-to-value. Interest rates begin at 3.29% for two year products and 3.49% for five year products.
For the first phase of the launch the products will be accessible through a selected range of mortgage brokers.
John Heron, managing director, Paragon Mortgages said: “Customers with complex incomes looking for a residential mortgage deserve access to a wider choice of mortgage products and to specialist underwriting that recognises their unique circumstances. 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.”