Paragon Bank will pull a selection of its landlord mortgages this afternoon with the lender blaming turbulent swap rates.

The firm says it is “withdrawing some of our products at 2pm today” due to the “volatility of swap rates,” in a short note to brokers.

Two-year Sonia swaps rates have risen to 4.026% on 29 October from 3.868% a month ago, while five-year rates have moved to 3.873% from 3.592% over the same period.

Paragon tells brokers that “if you download before 2pm today (Thursday 31st October), you’ll see the current products available.”

“From 2pm onwards, this will be updated to show the new range.”

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