Paradigm Mortgage Services has announced that a number of products from Virgin Money will be exclusively available for members of the Caerus Financial network.
Caerus members use Paradigm as its sole distributor and will now have access to Virgin Money’s two-year Freedom to Fix tracker at 1.44 per cent up to 65 per cent loan-to-value - with a £995 fee - and a five-year fixed rate at 3.65 per cent up to 90 per cent LTV - with a £1,195 fee.
The Freedom to Fix product also comes with a 20 per cent overpayment facility, for customers who expect to receive bonuses or dividends and want to use this towards reducing their mortgage term.
Other features of these products include no application fee, a free valuation for residential remortgage customers and £250 cashback to remortgage customers, which is also available on the five-year 90 per cent LTV deal for purchase customers.
John Coffield, head of Paradigm Mortgage Services, commented that the Freedom to Fix product is particularly interesting, given the market environment where there have been numerous rumblings about impending interest rate rises.
“It offers clients the benefits initially of a low-tracker rate plus the option of switching to a fix if the client feels it is necessary.”
He added that Virgin Money will issue an offer to the client within 10 working days of receiving a fully-packaged application, or it will give the client £100.
“In a market which is likely to become increasingly busy and competitive throughout the year, it is pleasing to see a lender willing to put its money where its service mouth is.”
peter.walker@ft.com
