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Paragon and James Hay in Sipp deal for BTL investors

Paragon Mortgages and James Hay are creating a joint venture to provide a range of Sipp products to buy-to-let investors.

The firms will help investors who want to place residential property investments in their Sipp once the rules for qualifying assets are implemented from April 6, 2006.

But Paragon managing director John Heron says the industry’s ability to develop tailored solutions is hampered by the lack of detail from the Government. He wants the Government to announce the precise basis on which residential property can be held in a Sipp after April 2006.

Heron says: “Gordon Brown did not give much away in the Budget. We have been in touch with the Department of Work and Pensions. They told us at this stage not to expect anything to be published until September. From a lender’s perspective, this is not a lot of time until April.”

James Hay managing director Jan Regnart says: “Partnering with Paragon makes a lot of sense, giving us access to their expertise in residential property investment as well as a good source of potential business.”

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