Paradigm Mortgage Services has introduced a new, exclusive large loan product offering from Harpenden Building Society to its member firms.

The loans are available for between £1m and £2.5m, up to a maximum 75% loan-to-value (LTV), and come with two-year fixed rates covering both repayment and interest-only options. Rates range between 5.23% and 5.63%.

Harpenden specialises in assisting borrowers with complex income streams and other non-standard requirements, by offering a range of residential and specialist mortgage products covering holiday let and second home properties, buy-to-lets and those for self-build borrowers.

For Paradigm member firms not active in the large loan space, the distributor offers referral options with other members to access specialist advice for clients.

Director of mortgages at Paradigm, Richard Howes, said: “We have worked closely with Harpenden for a number of years and we are very pleased to be able to offer these exclusive large loan products to Paradigm member firms. They come with a significant discount of 40 basis points off the Harpenden products available to the wider market, and this is a direct benefit of being a Paradigm member which will clearly benefit clients.

“For advisory firms who are not active in this space, but who may be dealing with clients needing larger loans, we offer a quality referral process that will ensure borrowers have access to those firms who do offer this specialist service.

“Those who refer can ensure their clients are in the safest of hands, plus they also receive the referral income, not forgetting the benefits of being able to signpost clients to specialists – a big focus of the Consumer Duty rules.”

Commercial manager at Harpenden Building Society, Andrew Foster, added: “We’re delighted to team up with Paradigm to offer these attractive large loan exclusives to its members.

“The society specialises in assisting customers with complex income streams and other non-standard requirements, such as unusual properties. We look forward to working with Paradigm to help deliver good outcomes for these customers.”

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