John Heron

Paragon refreshes BTL switch and further advance mortgages

Paragon has updated its BTL switch and further advance mortgages for portfolio and non-portfolio landlords.

The specialist bank has a range of two- and five-year fixes available at 75% and 80% LTV for individuals, limited companies and limited liability partnerships.

Paragon’s portfolio range — which is designed for landlords with four or more mortgaged properties, as well as those operating in limited companies or limited liability partnerships — can be used to fund SSCs, MUBs or HMOs.

Procuration fees on switch products have been increased from 0.25% to 0.30%.

Further advance procuration fees remain at 0.50%.

John Heron, managing director of mortgages at Paragon (pictured above), said: “This is a significant refresh of our portfolio and non-portfolio BTL mortgage product range, designed to extend the choice and flexibility for landlords with portfolios varying in size and complexity.

“We also understand the valuable contribution our intermediary partners make in ensuring the right products are delivered to the right customers.”

Commenting on why the bank has increased its procuration fees, John said: “Where a broker recommends a Paragon switch product and is proactively engaged in the process, we believe that it is appropriate that the intermediary is rewarded”.

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