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Paragon cuts rates by up to 1 per cent

Paragon Mortgages hopes to grab a bigger slice of the buy-to-let market by slashing mortgage rates by up to a percentage point.


The phone-based mortgage provider is offering new three, five and 10-year fixed mortgages, each at 7 per cent APR. Previously three and 10-year rates were 8 per cent APR and five-year rates were 7.9 per cent APR.


Loan-to-let mortgages are for people wanting to buy property to rent out.


IFAs can expect commission of 0.5 per cent of each agreed mortgage, between a minimum charge of £250 and a maximum of £500.

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