Paragon Banking Group is a UK-based specialist finance provider, headquartered in Solihull and founded in 1985. Originally named National Home Loans Corporation, it was renamed Paragon Group of Companies.
They provide specialist savings and lending products through the trading name Paragon Bank PLC, launched in 2014, and invest in and manage loan portfolios through the subsidiary Idem Capital. Paragon Bank also offers internet savings accounts.
The company’s name was changed again in 2017 to Paragon Banking Group PLC, to reflect a new focus on becoming a ‘fully integrated’ business. The company completed a takeover of residential lending provider Titlestone Property Finance in 2018.
Paragon Bank Products and Services
Paragon offers buy-to-let mortgages to both portfolio and non-portfolio landlords. Portfolio products are geared towards landlords who have limited companies, or partnerships, with four or more mortgaged properties, HMOs or multi-unit properties. Portfolio landlords can borrow up to £5,000,000.
Non-portfolio products are more suited for landlords with up to three mortgaged properties, consumer buy-to-let properties or single units. Non-portfolio landlords can borrow up to £1,000,000. Both portfolio and non-portfolio products are offered in a range of 2,3 and 5-year fixed rates.
Paragon also offers a portfolio of savings products, including:
Fixed rate savings accounts
Easy access savings accounts
Notice savings accounts
Fixed rate accounts can be taken out over 1, 2, 3 or 5 years. A fixed rate of interest is paid annually, with higher rates for accounts with longer terms. ISAs are also offered over 1, 2, 3 or 5 years but interest may vary over the savings period. Easy access and notice accounts offer customers access to their savings over the savings period but pay lower rates of interest.
Paragon Bank Security
Paragon Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Eligible deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).