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Specialist Buy-to-Let Lender Launches First Products for Owner-Occupiers
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Specialist buy-to-let lender Paragon Mortgages has today announced the first phase of its new range of residential mortgage products for owner-occupiers.
The specialist buy-to-let lender aims to augment competition and choice for customers with complex incomes in unusual segments of the owner-occupier market.
Specialist Buy-to-Let Lender Launches First Products for Owner-Occupiers
Customers in specialist sectors, such as self-employed and those borrowing into retirement, are often considered too complicated by mainstream lenders, and face limited product choice and innovation as a result.
Now, the specialist buy-to-let lender will address this issue, as its experienced underwriters will work closely with mortgage advisers to support customers, assessing each case on an individual basis.
Provided by Paragon Group’s banking subsidiary, Paragon Bank, the first products to launch include two and five-year fixed rate mortgages, available at 75% and 85% loan-to-value (LTV). Interest rates begin at 3.29% for two-year products and 3.49% for five-year deals.
The first phase of the launch, in partnership with Legal & General Mortgage Club, will see products distributed via three of Legal & General’s key intermediary partners.
John Heron, the Managing Director of Paragon Mortgages, says: “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.”
The Director of Legal & General Mortgage Club, Jeremy Duncombe, also comments: “We are delighted to see Paragon enter the specialist residential market and welcome the further competition they will bring to the residential mortgage market. Their detailed approach to underwriting and experience in lending to complex customers will be a real asset both to brokers and customers who struggle to find products with high-street lenders.
“Legal & General Mortgage Club strives to continue to bring choice and competition to the market for our brokers, and Paragon will be a great addition to our proposition.”
We will keep you up to date with the latest news from the specialist buy-to-let lender at Landlord News.
