If your rate is about to expire and you’re looking to stay with Paragon, here’s the information you need. Paragon offers various mortgage options for existing customers looking to switch to a new deal.
Key Points
- There are no initial costs or legal fees when transitioning to a new product
- There are many choices available when picking a new rate. There are options for short and long-term rates that allow flexibility with your mortgage
- Product fees are not mandatory. However, if you do opt for a rate that includes a product fee, you can decide to pay it upfront or add it to the mortgage
Check Out Our New Rate Switch Reward Calculator
Paragon rates
Paragon typically provides fixed rates of 2 or 5 years for existing customers, as well as 2-year trackers, although the selection is generally more restricted compared to what’s available for new clients.
How long will the product transfer take?
After we apply, the process is relatively fast. Mortgage offers are typically given right away, and you can choose for your rate to start either next month or on the end date of your product. If you’re changing your rate, borrowing more, or adjusting other terms like switching to interest-only, it might take more time due to extra checks and underwriting.
Can I borrow extra money?
Yes you can apply for additional borrowing as an existing Paragon customer. However, you will need a broker to assist you with the application. If you’re interested in additional borrowing, please contact us.
What does staying with your current lender mean for you?
- It’s quicker and easier than a remortgage
- It can be done in just 15 minutes
- Paragon does not require credit checks, income checks, or valuation fees
- Secure a favourable rate 6 months before your current product expires
- As long as the mortgage is up to date, bad credit or missed payments won’t matter
Product transfer process
- Gather Information: For instance, we will need to know the account number for your mortgage. You can find your account number on letters Paragon have sent you. We will need this to access your account and review your options.
- You will receive quotes from us: We will send over a few quotes quickly and give you time to look over these.
- Review options: When you’re ready, look over the product transfer options that Paragon offers. You might need to compare various interest rates, terms, and features to find the best option. We’re here to support you throughout the process, so if you’re uncertain about which option to choose, we can assist you in making the best decision.
How can Rate Switch Rewards help?
Rate Switch Rewards will evaluate all your choices, including those from Paragon and other market options. We can assist you with your application and manage the necessary tasks. We work hard to assist you in finding a good mortgage option. We aim to make the rate switch process straightforward, efficient, and advantageous for you!
If you want to learn about your options, feel free to reach out and we’ll be glad to help.
How we work:
- We will use the information you provide to access your mortgage account (such as your mortgage account number)
- We’ll find the best offers that suit you and send you a few quotes by email for your review
- Once you have reviewed the quotes and are happy to accept one of the rates, you will let us know which one to accept
- We will accept the rate and send off the rate switch application
- After acceptance, we will monitor the rates until your current fixed rate expires. If the rates decrease, we will accept the lower rate to make sure you receive the best deal available
- Once the application has completed, we will send you 10% of the commission we receive from the lender
