Wednesday, May 21, 2008
Para? Para? Gone!
Times: Paragon cuts mortgage lending in half
"Paragon had managed down its exposure and reduced lending, particularly in buy-to-let. The reputation of buy-to-let investments has taken a battering in recent months amid worries that some borrowers have overstretched themselves and rental increases have failed to keep pace with increased mortgage costs" But sorry, rents were soaring! maybe not! Look at the Primelocation link
Posted by confused76 @ 03:58 PM (421 views) Add Comment
4 Comments
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1. growler said...
@confused76: Allow me
mhuwhahhaahhhahahha hhahahahahahah
2. Rental John said...
The reputation of buy-to-let investments has taken a battering in recent months amid worries that some borrowers have overstretched themselves and rental increases have failed to keep pace with increased mortgage costs.
No SH@T Sherlock!
3. Rental John said...
See 'Paragone's' share price history - http://uk.finance.yahoo.com/q/bc?s=PAG.L&t=2y
Ouch!!!!
4. jack c said...
Paragon currently have no products available (existing borrowers might be eligle for a further advance) and I believe this has been the case since end of Feb 2008.
This section of the article tells its own story "The firm was forced into a £287 million emergency rights issue to help repair its balance sheet. It repaid a £280 million working capital facility and helped fund its mortgage book with a £1.7 billion loan repayable over more than 40 years"