News in brief - 31 January 2024

Paragon Bank has added five-year fixed rate products to its range of buy-to-let mortgages. Rates now start at 4.89%, which is available on Paragon’s 5.00% fee option, which is suitable for the purchase or remortgaging of single self-contained properties categorised as ‘green’ due to an EPC of between A-C. This increases to 4.94% for homes with lower energy efficiency ratings and 5.14% for HMOs and MUBs. Paragon is also offering nil fee options, with £750 cashback available on selected mortgages. These are priced from 5.94% for the ‘green’ SSC product, riding by five bps for standard energy efficiency and to 6.19% for HMOs and MUBs.

Hodge has increased its maximum loan size on its professional, 50+ and retirement interest-only (RIO) products, as well as offering a higher LTV on these products for those customers wanting to consolidate debt. As part of the changes, for debt consolidation purposes on professional, 50+ and RIO products, LTV is up from 60% to 75% and 85% on interest-only and repayment options respectively. Larger loans are also available on these products at £2m at up to 75% LTV (formerly £1.5m), £1m up to 85% LTV and £850,000 at up to 90% LTV (formerly £750,000).

Offa has partnered with cloud-based mortgage and savings provider, finova, to develop an end-to-end digital platform to support its growing portfolio of property finance products. The project, which is part of a £1m investment by Offa into its IT systems, is expected to transform the way Islamic property finance is conducted in Britain, creating a tech-driven service for intermediaries and direct customers that starts with their initial enquiry and ends with the release of funds. Offa will leverage finova’s customisable Apprivo software, giving it access to multiple data points, including ID verification, credit reference agencies and automated valuation models. The implementation is expected to be delivered in the first half of 2024.

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