MortgagesMay 8 2013

Launch Pad: Mortgages

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ByKevin White

The sister company of Paragon Mortgages has launched two-year fixed-rate deals between 4.25 per cent and 3.79 per cent, and a range of remortgage-only products including a tracker at 3.99 per cent, and fixed rates at between 3.89 per cent and 4.35 per cent.

John Heron, director of mortgages for Mortgage Trust, said the introduction of the products was part of a strategy to maintain a competitive edge in the market.

He added: “We are also seeing healthy growth in the private investor landlord sector of the market.”

Key features:

• Two-year fixed-rate buy-to-let mortgage with rates of 3.79 per cent, 1.5 per cent product fee, or 4.25 per cent with a fixed fee of £995.

• Two-year remortgage tracker at 3.99 per cent with a product fee of £1495 and no legal fees payable when using a Mortgage Trust-nominated legal provider

• Two-year remortgage fixed-rate at 3.89 per cent with a product fee of 1.5 per cent and no legal fees as above

• Two-year remortgage fixed-rate at 4.35 per cent with a product fee of £995 and no legal fees as above

Adviser verdict

David Pye, principal of Scottish Borders-based Meldon Independent:

“What concerns me at the moment is the lack of demand. Inquiries are dramatically down in the past couple of weeks so maybe this is why rates like these are falling. I would not be surprised to see that overall lending fell during April.”