A Paragon Mortgage provides residential buy-to-let deals for professional property investors. The company offers bespoke packages to each customer’s requirements from a range of discounted, fixed-rate and variable rate products. The result is flexible, competitive remortgage solutions offering up to 85% Loan To Value, many of which include cashback options and insurance discounts.
Paragon Remortgage Review
Paragon Mortgages was launched in 1995 as a subsidiary of the Paragon Group of Companies, a publicly listed provider of consumer finance services. It is a market leader in the buy-to-let mortgage market, and currently holds £7.2 billion in related assets.
Paragon Mortgages was voted ‘Buy to Let Lender of the Year’ in the 2002, 2003 and 2004 Business Finance awards.
A Paragon Mortgages remortgage lets you:
- Take some of your mortgage as fixed-rate and the rest as tracker, risking just part of your borrowings
- Free up a cash lump sum at the start of the policy for property renovations, which could potentially command a higher rent
- Save on your repayments with a lower rate in the first years of the mortgage
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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