Paragon secured loan problems it is still one of the largest specialist mortgage lenders in the UK. It has been around since 1985 and is part of the FTSE 250 Paragon Banking Group. It is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and backed by the FSCS. It has over 1.5 million customers and offers homeowner loans, unsecured loans, motor finance and savings.
The recent credit crunch has caused the wholesale markets to freeze which means that lenders no longer can raise money in order to fund lending to their clients, this is what happened to Northern Rock. However this hasn’t stopped Paragon who have decided to scale back lending instead focusing on their existing buy-to-let book and taking the income from these until they come to an end.
Securing Your Future with Paragon: Exploring the Benefits of Secured Loans for Your Financial Goals
Paragon has a large portfolio of products which include first and second charge mortgages. They also offer bridging and pre-planning finance as well as student accommodation development finance. They also provide finance for motor cars and LCVs through their network of car dealerships. In addition they have a range of mortgage and protection products available to advisers through their panel.
Fitch has reviewed the information relied upon by Paragon for its rating analysis and finds it to be adequate. The agency has also completed a limited review of the sample of loan level data provided by Paragon on properties taken into possession and sold, which it found to be consistent with the originator’s policies and practices.