Tuesday, Nov 20, 2007
Paragon hit by finance problems
BBC News: Paragon hit by finance problems
Another one bites the dust !!
Posted by bearshare1616 @ 09:27 AM (1434 views) Add Comment
18 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. sovietuk said...
This whole BTL industry looks a bit risky. Lenders would be advised to keep their rates high or increase them to cover their backs.
2. confused76 said...
More detail at
http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=426478&in_page_id=3&ct=5&in_page_id=3
3. confused76 said...
And this is it with the BTL market... consigned to the dustbin of history
4. drewster said...
This has been happening for ages in the USA. Check out the Mortgage Lender Implode-O-Meter at ml-implode.com. 189 mortgage lenders, companies like Paragon, have gone bust since this time last year!
5. planning4acrash said...
That's it, game over, return to GO, don't collect your £100. Period, end, dead, duck, the parrot is dead, its a deep freeze out there, period, its over, the chickens have come home to roost, its all gone a bit Pete Tong, who next, Barclay's?
Taxi!!
6. inbreda said...
No, it's OK, that retard Darling has got limitless amounts of money with which to support these companies.
Not sure how the tax payer will react to spending thousands of pounds to support teh institutions that already claim a huge chunk of salary by way of mortgage already.
We'll soon see.
7. Uk Hater said...
screw this damn british pound over $2 ... its a travesty of a sham of a scam!!! SHORT the POUND!!!!!
8. talking rot said...
Who was that Liebour Government minister with a property portfolio in excess of 100 houses? I wonder if there'll be "some deal" in order to keep the BTL bandwagon rolling?
Can anything be done to save BTL?
9. Letthemfall said...
Toast. As Confused76 would say: uhhaaahbwauuhhaaaa
10. Orwell said...
TR..
I think it was Michael Meacher and he had about 20 ish... But in the Cotswolds where the young are leaving in droves because the Smoke are buying them out... Not impressive I warrant...
11. Landedgentry said...
QUOTE: 'Can anything be done to save BTL?'
I bloody well hope not.
12. uncle tom said...
Lets consider the outlook - A high proportion of BTL and 'liar' loans are on short term fixes that revert to an SVR after a year or three.
Those picking up the pieces of NR and Paragon will probably push the SVR up to 10% or more to encourage people to go away when their fix ends - but some won't be able to find another lender - in fact, the number getting hopelessly trapped with repayments they can't posibly afford could easily run into six figures..
The party has only just started!
13. voiceofreason said...
talking rot, here's the Folletts story
" The other properties owned by the Folletts include a country house in Hertfordshire, a holiday home in Antigua and a property in Cape Town. Follett has declared in the MPs’ register of interests that she is letting her London flat.
Follett is among a number of MPs who have used the allowance to help fund extensive property portfolios. Among MPs who let properties is Douglas Hogg, the Conservative MP and former agriculture minister, who owns three properties in London which he lets. "
14. C'mon Correction said...
I agree UT, we are in very early stages. Another two years from now, is when the economic decline of the UK will really start.
15. happyrenterz said...
Is it just me or does the whole UK housing market look like those looney tunes cartoons where Bugs Bunny runs off the edge of a cliff running on thin air? There is nothing left to prop up these ridiculous prices anymore.
16. the reaper said...
you do wonder, when you hear some banks saying they are having no problems raising short term cash quite who's willing to lend them the money given the newsflow and the quite obvious deterioration in their credit worthiness.
17. uncle tom said...
Happyrenterz:
- Nice analogy!
18. Wilee said...
happyrenterz, I think you mean that hapless coyote in Road Runner who just ran out of road.