This brings total issuance to £16.5 billion; £4 billion in 2006 alone.
The transaction provides finance for a pool of super-prime buy-to-let mortgages originated by both Paragon Mortgages and Mortgage Trust.
John Heron, Paragon’s director of mortgages, commented: “Not only were we the first UK lender to securitise a portfolio of mortgages back in 1987, but we have also established Paragon as the most prolific issuer. I’m delighted to announce that we have now reached the important milestone of 50 transactions under our belts.
“The excellent credit quality of buy-to-let mortgage assets in general, and our portfolios in particular, enables us to achieve consistently competitive pricing for our securitisation transactions. Over the years, there has been a steady improvement in the terms we have been able to achieve, reflecting the market’s receptiveness to the Paragon name, our excellent track record, and the very high quality of buy-to-let.”
