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Paragon pulls plug on retail mortgages

Paragon Mortgages is pulling out of the retail market because it fears relaxed lending criteria has rendered this type of mortgage business too risky.

Paragon claims strong market demand for mortgages with high income multiples and high LTV are making it hazardous for lenders to continue selling mortgages at tight margins.

It plans to concentrate on expanding its core buy-to-let business for property investors which it sees as a safer and more profitable area.

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