View more on these topics

Paragon lent £38.6m in Q4 2011

The Paragon Group of Companies, Paragon Mortgages’ parent company, lent £38.6m in buy-to-let loans during the final quarter of 2011, an interim management statement has revealed.

It advanced £37.4m in new buy-to-let mortgages and a further £1.2m in further advances to existing borrowers during the three month period.

At December 31 2011, its pipeline of new business amounted to £95.1m.

By way of comparison, the lender advanced £8.8m worth of buy-to-let loans between September 2010, when it returned to new lending, and December 2010.

At the end of December 2010, Paragon’s pipeline of new business stood at 75m.

The statement also reveals the Paragon Group of Companies generated operating profits of £20.3m in Q4 2011, up 12 per cent on the £18.1m for the same period in 2010.

Its pre-tax profit for Q4 2011 was £20.8m, 11 per cent higher than the £18.7m profit it made in Q4 2010.

The statement says the group’s loan portfolio continues to perform in line with expectations, with arrears over three months on its buy-to-let book standing at 0.64 per cent at December 31 2011, compared to 0.83 per cent a year before.

It adds that the securitisation launched by Paragon Group in October 2011, its first since 2007, represented a significant step forward in the group’s ongoing funding programme.

It says the deal was upsized from a launch forecast of £150m to £163.8m, confirming investors’ appreciation of the strong credit profile of the assets.  



FCA will have power to ban products for a year

The Financial Conduct Authority will have the power to place restrictions on or ban products outright for a year, under new Government proposals. The draft financial services bill proposed giving the FCA the power to ban products for up to 12 months without consultation or a cost benefit analysis. Despite pressure from industry for the […]


True Potential wants 200 advisers by end of 2012

True Potential is looking to increase its national IFA proposition from 15 advisers to 200 by the end of the year. True Potential Private Client Strategies began recruiting this week and the firm says it has seen significant interest from True Potential support service members. The company was originally set up as EWG Financial Services […]


Govt: FCA must decide whether to publish board minutes

The Government has refused to bow to political pressure to take up Lord Turner’s recommendation that the FCA be required to publish its board minutes. In November, FSA chairman Adair Turner told the TSC he was “quite favourable” to the idea of publishing minutes as long as the rule was not applied retrospectively. In its […]

Pensioners’ ties that bind

Paul Thomas says there is widespread doubt that the Government can convince pensioners to move out of their homes and into rented property

Responsibility Matters

The latest update from the Sustainable Investments Team at Royal London Asset Management, Responsibility Matters, is now available. In this edition the team look at issues such as the growing acceptance of sustainable investing and technology in China. Read the update here: The value of investments and the income from them is not guaranteed and […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm