Jump to content
House Price Crash Forum
Sign in to follow this  
redwing

Paragon Still Feeling The Squeeze

Recommended Posts

Paragon urges Government to throw lifeline to buy-to-let lenders

State rescue packages for Britain's banks, such as the credit guarantee scheme, are available only to deposit taking institutions and barred to lenders that are exclusively wholesale funded. Nigel Terrington, Paragon's chief executive, said: "As a consequence the effect in buy-to-let has been disproportionate."

Read it all here.

Paragon, which is not regulated as a bank because it funds mortgages through securitisations, lent just £10.7m in the six months to March compared with £856m for the same period last year. It withdrew £1.23bn of credit, reducing its total buy-to-let mortgage book to £8.7bn.

Wow. That's one hell of a decline in lending. And they're squealing because they still can't get the funding for more lending.

And then this juicy morcel:

Problem loans accounted for 1.07pc of the book in December, a rise from 0.53pc in September, but have edged up to just 1.23pc in the last three months.

Even so, the bad debt charge on the mortgage book jumped from £3.3m for the half to £19.8m...

Amazing how quickly things can get worse.

Edited by redwing

Share this post


Link to post
Share on other sites

Bless!

if they hold on to their dreams they'll end up rich, I'm sure.

hold on to those dreams!

Share this post


Link to post
Share on other sites
Read it all here.

Wow. That's one hell of a decline in lending. And they're squealing because they still can't get the funding for more lending.

And then this juicy morcel:

Amazing how quickly things can get worse.

What a wonderful company to bail out of trouble...one down from bankers. Buy to let is supporting the economy it is very important and should be rescued at any cost. These people live in their own little veted interest world!

Share this post


Link to post
Share on other sites
What a wonderful company to bail out of trouble...one down from bankers. Buy to let is supporting the economy it is very important and should be rescued at any cost. These people live in their own little veted interest world!

I know you're being ironic and all that.

But luckily I reckon financials like Paragoinggoingone will be a long way down the government's list of casualties worth bailing out.

And because they don't take retail deposits, there's no savers' savings to worry about.

And who cares about BTLers anyway, even less so the parasites that feed off these parasites by lending them money.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.