Commenting, John Heron, director of mortgages, said: “Whilst Government support schemes have encouraged banks and building societies to resume lending to businesses and consumers, non-deposit taking lenders have been excluded and have received no Government support. It’s important that the Government recognises the importance of specialist lenders in the mortgage market and provides the support needed to aid their return to new lending.
“The Government has acknowledged the importance of the private rented sector and has said more needs to be done to encourage good existing landlords to grow their businesses, but the individuals and lenders that have stimulated the growth of the market so successfully over the past decade are being ignored.”
Paragon announced its interim results for the six months ending 31 March 2009 yesterday.
Highlights include:
• Underlying profit of £18.9 million
• Entire £9.5 billion portfolio match-funded to maturity
• Arrears half of industry average
