View more on these topics

Paragon pipelines at record levels

Paragon Mortgages reveals in year end results that high application levels have pushed the number of loans in the pipeline to record levels.

The company says that the net result has been that the business is well positioned for a strong start to the new financial year.

Total advances by September 30 2003 were £781.3m, up 38.6% from the previous year&#39s £563.6m in its end of year results.

The strong results it says are underpinned by PML&#39s success in developing long term relationships with existing borrowers and intermediaries

Credit quality across the PML book also continues to be excellent, with the number of accounts more than three months in arrears at 0.15%, consistently below those for owner-occupied properties.

John Heron, managing director of Paragon Mortgages, says: “The strong performance in 2003 and record pipeline demonstrate that buy-to-let remains very healthy.

“There is still strong demand from tenants, especially as house purchase remains beyond the reach of many prospective first time buyers following the steady rises in property values over the past couple of years.

“Paragon Mortgages&#39 data shows landlord yields stabilising nationally at around 7.60% – for the investor who has the right approach and the right skills, buy-to-let remains an attractive proposition.”

Recommended

Commercial 1st in Scottish launch

Commercial First Mortgages has announced plans to launch its products in Scotland with immediate effect. Commercial First&#39s products are designed for small to medium-sized business borrowers. The move into Scotland means intermediaries will have access to a range of commercial mortgage products starting with an interest rate of 3.75% above Barclay&#39s base rate. Stephen Johnson, […]

Don&#39t wait too long to take out a loan, warns AA

The AA is maintaining its lowest-ever internet loan rate (6.5 per cent typical APR) during the run-up to Christmas despite warnings that the days of low-cost loans may be numbered. Neale Phillips, the AA&#39s general manager, financial services, says: “The recent increase in the Bank of England&#39s interest rate is expected to be followed by […]

The Mortgage Mole

Who knowsMole was stunned by an FSA spokesperson last week. In need of a quote to accompany St Michael of Bolton&#39s comments on non-conforming loans, Mole rang the FSA press office and was dumbfounded by the spokeswoman&#39s reply. “What is a non-conforming loan?” she asked Mole, who nearly choked on his Bovril. FSA staff may […]

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]

Newsletter

News and expert analysis straight to your inbox

Sign up