15 May 2017
Paragon Personal Finance is revising its product range from today Monday 15 May. The new range features reduced rates, the removal of all ERCs on their variable rate products and the introduction of 10 year initial fixed rate periods.
The layout of the matrix is different to before. Basically, you pick a product – variable, or a fixed rate – then decide what charging rate and fee structure is best for your customer. As with most of their current range of products, a lower rate is available for a higher product fee.
There’s also options when it comes to ERCs that will apply to fixed rate loans. For instance, for a 5 year fix, you can choose between a 5%, 4%, 3%, 2%, 1% ERC structure or, for a slightly higher product fee, there’s a reduced 3.25%, 2.5%, 1.75%, 1%, 0.25% structure available. This alternative lower ERC structure offers the potential of significant savings to customers who believe they will be in a position to settle during the fixed rate period.
For full details of their product range and changes click here.
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