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Paragon says MEX and C&G losing buy-to-let focus

Paragon Mortgages managing director John Heron claims that Mortgage Express and Cheltenham & Gloucester are failing to live up to their potential in the buy-to-let market.

Speaking at the Mortgage Intelligence 10th anniversary conference in Wales last week, Heron said he believes MEX has lost its way in recent years while C&G lacks focus.

He said: “C&G has made some headway on BTL over the last two years but lacks focus. MEX maybe lost its way over the last couple of years, hav-ing started to look at other sectors.”

Paragon is the third-biggest BTL lender behind first-placed BM Solutions and MEX.

Heron also claims that the Government is failing to understand the true issues surrounding the problem of first-time buyers getting on the housing ladder and says too much is being made of FTBs’ plight when many twenty-somethings would rather rent.

Bank of Scotland Mortgages, which is part of the Government’s Openmarket Homebuy scheme for FTBs, said the initiative is not available to enough people.

Managing director Charles Haresnape says: “The Homebuy scheme has to be more accessible.”

Heron said: “The Government needs to sort out broa-der solutions on FTBs. What is missed in the policy debate is that there has been a huge change in society so would-be FTBs are not wanting to be FTBs. People are forming relationships later in life and more are willing to rent.”

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