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About Paragon Mortgages
The Paragon Group of Companies PLC has become Paragon Banking Group PLC. This includes the coming together of Paragon Mortgages and Mortgage Trust under a single, Paragon brand. Paragon Mortgages products are now Paragon portfolio: buy-to-let portfolio mortgages for landlords with four or more mortgaged properties and/or those operating as limited companies and limited liability partnerships. More complex propositions are also included, from HMO to multi-unit blocks. Mortgage Trust products are now Paragon non-portfolio: buy-to-let mortgages for landlords with up to three mortgaged buy-to-let properties. Lending is granted for single self-contained properties in England, Wales and Scotland, to investors and landlords, including self-employed and consumer buy-to-let customers.
Some of the buy to let mortgage options available from Paragon Mortgages include:
- Fixed rate mortgages – these mortgages offer the reassurance of a fixed rate of interest for a set period after the start of the mortgage. Paragon offers a selection of 2 and 5 year fixed rates mortgage deals.
- Tracker rate mortgages – Paragon offers a selection of deals that follow the London Inter-Bank Offered Rate (LIBOR) which is the rate at which international banks lend to each other.
- Paragon Mortgages offer 2 year, 5 year and lifetime tracker rates. Mortgages from Paragon are offered at up to 75% loan to value (LTV)
Paragon has added four products in its portfolio range along with two limited edition remortgage products. Four two-year fixed portfolio products have been added, starting at 2.99% at 75% loan-to-value (LTV). In addition, Paragon has launched two more two-year fixed buy-to-let remortgage products at 75% LTV – one for portfolio and one for non-portfolio customers.
The portfolio product is fixed at 2.85% and is available with no application or valuation fee, as well as free legals. The non-portfolio product is fixed at 1.99% and includes free legals, with a £150 application fee.
The Core Features of Paragon Mortgages
Aimed at professional landlords and residential property investors, Paragon mortgages offer a range of benefits to borrowers, such as:
- Applications from limited companies considered
- Flexible application – you can apply for a Paragon mortgage deal either directly or through an intermediary
- Interest-only, capital and interest, and part & part mortgage repayment methods are available
- The portfolio mortgage products have no application or valuation fee
How does it work?
Submit your application online with necessary details. Paragon mortgages assess your applications as well as credit history to approve and process the funds. It is better to use financial calculator to determine your eligibility, affordable repayment terms and apply for the best deal.
The Final Advice
The current products and new additions to Paragon’s portfolio and non-portfolio product ranges reflect that it is more suitable to landlords as it is offering products with no application or valuation fee. If you are looking for fixed rate mortgages, in particular, you must have a good credit history for your application to get approved and get competitive rates.