SOURCE Ideas
Paragon are looking to launch a interest only BTL product that has 0% interest for 6 months only. They want to be able to create an ESIS for this product through T7T but are aware that at the moment this isn't something we can offer.
Notes from previous discussions:
We could create a product with a 0.00/0.01% rate (to be confirmed by product, as we have both on the system currently) for 6 months, followed by the fixed rate they want for the required period, and finally adding the revert rate for the remaining term. How the product would work specifically in terms of payment calculations would have to be added as a note, as we wouldn't be able to build it into the product (as reflected by how we are unable to produce the ESIS).
As confirmed by the Ben and Claudia we can not produce an ESIS on the basis that they want. We can add in a 0% rate which will show a monthly payment for the capital to be repaid but we can not then adjust the following payment for the accumulated interest. You would need to raise this as an idea via the correct process to be reviewed in line with other ideas raised. A very high estimate is that this would be considerable work to scope and develop and would be against other competing business priorities.
I have referred this back to Paragon and they are still interested in launching the product in June next year and therefore would like to understand more about the costs and work involved.