In This Article
Who are Paragon?
The National Home Loans Corporation was established in 1985 and became one of the United Kingdom’s largest providers of mortgages and personal loans. In 2004, the company changed its name to Paragon Banking Group PLC.
Paragon Banking Group PLC is an FTSE 250 company based in Solihull in the West Midlands.
As one of the pioneers in buy to let, Paragon has been helping UK landlords grow their business for over 20 years.
SPEAK TO AN EXPERT MORTGAGE ADVISOR TODAY!
What does Paragon specialise in?
Paragon offer residential and buy to let mortgages exclusively through a panel of mortgage advisors.
Paragon Buy to Let Mortgages
Paragon offer buy to let mortgages for landlords with property portfolios of all sizes through its portfolio and non-portfolio ranges.
The lender lends to private individuals and limited companies and has mortgages suitable for single, self-contained properties, HMOs, and multi-unit blocks.
Paragon can accommodate higher aggregate lending limits and more complex letting arrangements, including local authority, corporate leases, and standard ASTs.
In addition, Paragon has a range of refurbishment options, including standard, light and heavy refurbishments.
Paragon Residential Mortgages
Paragon offer owner-occupied mortgages for landlords that may struggle with the main high banks.
They offer residential mortgages for:
- Self-employed individuals
- Those that have complex income
- Individuals that are looking to borrow into retirement
- If you are looking for an interest-only mortgage
- Or if you are looking to purchase a second home.
Are Paragon mortgage rates competitive?
Paragon’s mortgage rates may be competitive for you if you are a professional portfolio landlord or looking for a residential mortgage that doesn’t fit with the main banks. However, it is still important to speak with a mortgage advisor to compare your options and ensure you get the best deal possible.
Can I remortgage with Paragon?
If you are tied to a current mortgage deal with Paragon, you may be charged early repayment fees for leaving, which can be significant. You will need to factor these into your calculations to see if it would benefit you to remortgage with another lender.
You may be able to remortgage or take a product transfer with Paragon directly, but they may not offer the most competitive rate. An independent mortgage advisor can advise you on all products available in the market and find the best option for you, which may not be staying with your current lender.
Switch to a new rate with Paragon
If eligable, you may be able to secure a new product up to six months ahead of your current product maturing with Paragon. You could do this online directly via a Product Switch with Paragon.
How will Paragon assess my mortgage application?
Paragon will assess and overview your application based on several factors, including your credit score, savings, property type, documents, and the amount of money you are borrowing. If your application is more complicated, it may take longer for Paragon to assess your case and make an offer. The average time from application to offer is four weeks.
Have you been declined a mortgage from Paragon?
A new mortgage advisor could help you by researching which lenders would most likely approve your mortgage application and allowing you to create a strong one. They could also negotiate on your behalf with any lender initially reluctant to provide you with a mortgage.
ARE YOU READY TO GET A MORTGAGE?
Conclusion
As one of the pioneers in buy to let mortgages, Paragon has been helping UK landlords grow their business for over 20 years.
Paragon offer residential and buy to let mortgages only through a panel of selected mortgage advisors.
The lender lends on buy to let properties to private individuals and limited companies and has mortgages suitable for single, self-contained properties, HMOs, and multi-unit blocks.
Paragon offer residential mortgages for landlords that may struggle to get a mortgage from the main high street banks. This includes self-employed individuals, those with complex incomes, those looking to borrow into retirement, those looking for an interest-only mortgage, or those looking to purchase a second home.
Paragon’s mortgage rates may be competitive for you if you are a professional portfolio landlord or looking to get a residential mortgage. However, it is still important to speak with a mortgage advisor to compare your options and ensure you get the best deal possible.
If you’ve been declined a mortgage from Paragon, speaking with a new mortgage advisor could help you find a lender willing to give you a mortgage.
If you complete the contact form below, I NEED ADVICE will match you to a mortgage advisor that will get in touch with you to review the whole market and recommend the right mortgage. This way, you can be sure that you’re getting the best possible deal on your mortgage.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
