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Paragon launches new fixed rate mortgage

Paragon is launching a new buy to let mortgage fixed at 6.95 per cent for two years.

The mortgage reverts to the London inter-bank offered rate plus 1.5 per cent after the two year period and carries a redemption charge of six months interest over the first two years.

Borrowers new to letting can obtain a mortgage based solely on rental projections and not borrower income, but only on 65 per cent of the purchase price and at Paragon&#39s high equity facility rate of 7.95 per cent, fixed for two years

The launch follows the withdrawal of the three year 7.49 per cent fixed rate mortgage on January 1, 2001.

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