The products come with a discount of 40bps for member firms
Mortgage distributor Paradigm has announced the launch of new, exclusive large loan products from Harpenden Building Society for its member firms.
The two-year fixed rate products are available for loans over £1 million and cover off both repayment and interest-only options.
The £1 million to £1,249,999 loan is available up to 75% loan-to-value (LTV) with a current rate of 5.23%, the £1.25 million to £1,999,999 is available up to 70% LTV with a current rate of 5.23%, while the £2 million to £2.5 million loan is available up to 75% LTV with a current rate of 5.63%. Arrangement fees for the 70% and 75% LTV products are £1,500 and £3,000 for the 65% LTV.
Harpenden Building Society offers a range of residential and specialist mortgage products, covering holiday let and second home properties, buy-to-lets, and those for self-build borrowers.
Paradigm member firms who are not active in the large loan space are offered referral options with other members in order to access specialist advice for clients.
“We have worked closely with Harpenden Building Society for a number of years, and we are very pleased to be able to offer these exclusive large loan products to Paradigm member firms,” said Richard Howes (pictured), director of mortgages at Paradigm. “They come with a significant discount of 40 basis points off the Harpenden products available to the wider market, and this is a direct benefit of being a Paradigm member which will clearly benefit clients.
“For advisory firms who are not active in this space, but who may be dealing with clients needing larger loans, we offer a quality referral process that will ensure borrowers have access to those firms who do offer this specialist service. Those who refer can ensure their clients are in the safest of hands, plus they also receive the referral income, not forgetting the benefits of being able to signpost clients to specialists – a big focus of the Consumer Duty rules.”
Andrew Foster, commercial manager at Harpenden Building Society, added that it was delighted to team up with Paradigm Mortgage Services to offer large loan exclusives to its members.
“The society specialises in assisting customers with complex income streams and other non-standard requirements, such as unusual properties,” Foster said. “We look forward to working with Paradigm to help deliver good outcomes for these customers.”
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