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Our types of loan

Fixed rate loan

A fixed rate loan means you have the same repayment every month for the length of your fixed rate term. Fixed rate loans are great if you want to know exactly how much your loan will cost each month. If market rates go up or down, you pay the same amount each month.

At the end of a fixed term, you will move to a variable rate mortgage. Rates on variable mortgages may be higher than a fixed rate mortgage, so you must make sure you can afford any changes to your payment amount once your fixed rate comes to an end.

Fixed rate loan summary

  • Know exactly how much you will pay each month during the fixed rate term
  • Initial fixed rate terms of 2 to 10 years available, depending on the loan product
  • Rates available from 4.03% to 7.78%
  • Loan is paid in Pounds Sterling and repayments are only accepted from income earned in Pounds Sterling
  • An early repayment charge may be payable if the loan is settled within the fixed rate period. The interest rate will change to a variable rate which be described in your mortgage illustration
  • Loan must not be used for business purposes

Variable rate loan

A variable rate loan is linked to a set interest rate that can go up or down. This means your monthly payments can go up or down in line with changes to the rate your loan is linked to.


 

Standard Variable rate (SVR)

Standard variable rate loans, follow Paragon Bank’s SVR rate, currently 5.10% plus or minus a margin. Paragon Bank can change its SVR at any time, meaning your monthly payments can go up or down in line with changes to the Bank’s SVR.


 

Variable rate loan summary

  • Pay by monthly instalments or direct debit
  • Product fees for variable mortgages, where they apply, tend to be lower than for fixed rates
  • Rates available from 3.73% to 6.70%
  • Loan is paid in Pounds Sterling and repayments are only accepted from income earned in Pounds Sterling
  • If the rate goes up, your payments will go up too. This can substantially add to your monthly outgoings
  • Loan must not be used for business purposes

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it

Paragon Personal Finance is a trading style of Paragon Bank PLC and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 5390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.