PMS Mortgage Club has added Paragon to its lender panel for second charge mortgage plans, meaning mortgage club members at PMS now have a wider range of second charge mortgage plans to choose from.
Paragon offers a wide range of second charge mortgages at competitive interest rates to homeowners in England, Wales and mainland Scotland.
Paragon’s second charge plans are available for amounts up to 85% loan-to-value (LTV) from £20,000 to £500,000. Its second charge mortgages can be repayed over 25 years and loan terms may be extended up to five years past retirement.
John Webb, director of second charge mortgages at Paragon said: “We’re delighted to announce this new partnership with PMS Mortgage Club, which extends our distribution to a wider range of mortgage intermediaries and brings the potential benefits of a second charge mortgage to a new set of customers.”
Jane Benjamin, head of relationship management at PMS said: “Paragon’s second charge products bring added choice and flexbility to intermediaries looking for a second charge mortgage solution on behalf of customers.
“Paragon’s service commitment, including its offer of direct access to underwriters, demonstrates its strong support for intermediaries and we look forward to working together.”
According to the Finance and Leasing Association, the second charge mortgage market in the UK totalled £1bn for the 12 months to February 2018.