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Paragon offering fixed rates on the web

Homebuyers with access to the internet will be able to take advantage of a special fixed-rate mortgage being offered by Paragon Mortgages on its website.

Paragon is offering a two-year fixed-rate mortgage at 4.59 per cent to internet applicants as well as a 5.99 per cent three-year fixed rate.

The website provides an electronic guide which takes customers through the application process and helps them select a suitable mortgage.

The customer can also make an online application for a mortgage.

Paragon says the underwriting and response to applications takes less than a day and the full application form can be downloaded by the borrower and returned by email.

Executive director John Heron says: "We are convinced that the worldwide web provides genuine easy access, even for complex products such as mortgages. It has all the potential to develop into a mass-market medium.

"This means lower costs for lenders as we can pre-validate applications and they arrive in digital form with the underwriters."

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