Paragon Bank, one of the country’s leading specialist buy to let mortgages houses, almost halved its lending to landlords in the last three months of 2016.
It agreed mortgages for rental properties worth £185.2m in the final three months of 2016, compared to almost £401m in the same period a year previously.
Bank of England restrictions on buy to let lending, expressed through tougher guidelines issued by the Bank’s Prudential Regulation Authority, have been blamed for the drop.
“It’s too early to determine the full extent of the PRA changes on the market, and the further changes due later in the year” says a statement from the lender.
It has also launched a new specialist residential mortgage business, which will be rolled out over the coming months.
The firm says its profit of £33.1m in the three months to December 31 was in line with expectations; its pipeline of future loans is growing, however, and is up 7.4 per cent on the year to £639.8m.
Changes to buy-to-let lending criteria being introduced at the end of...
Consumer group Which? is warning that buy to let investors with...
The National Landlords Association is urging buy to let investors to...
Details of the Bank of England’s statement outlining tougher rules on...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
But astonishingly doesn't even mention Section 24?!?!?! Why not - its a far bigger issue than the PRA!
Agreed James - a BTL mortgage is as much use as a chocolate teapot in the current tax environment.
Please login to comment