Deposit-rich Paragon to trim wholesale funding, apply for IRB

Asad Ali

November 21, 2018 04:45 PM

PA-UK mortgage signs — For sales signs outside properites in Brunswick Square, Brighton. 06/02/04: First-time buyers are adopting a risky approach to buying their first home as they become increasingly desperate to get on to the property ladder, research showed today. People buying their first house are less likely to have a survey done, take out a fixed rate mortgage or make an offer below the asking price than other buyers, according to Yorkshire Bank. 13/04/2004: House prices in the UK fell by 1% during February as the market suffered its traditional quiet period, Government figures showed today April 13 2004. The Office of the Deputy Prime Minister said the average property cost 160,937 during the month, down from 162,559 in January. 30/10/04: The range of advice offered by mortgage brokers and advisers will vary considerably from tomorrow, experts have warned. The Mortgage Advice Bureau said that brokers will now be either directly authorised by the FSA, have joined a network as 'appointed representatives', or have created their own panel of lenders. As a result the range of products and borrower circumstances that they can advise on will vary tremendously, as will fees and service. | Martin Stephens/PA Archive/PA Images

Paragon, the UK bank that specialises in buy-to-let mortgages, reported strong lending growth for its year to September, supported by a 47% increase in deposit funding. That reduced its reliance on wholesale funding and helped it boost profits by 25%.

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Asad Ali