The specialist buy to let mortgage company Paragon have been in discussion with several UK banks, the plan being to sign and service mortgage loans on behalf of other lenders .
Paragon have faced a rocky road in the last year, even compared to other mortgage lenders, coming very close to bankruptcy . Paragon were unable to fund new lending, and had to lay off over 30% of their employees.
However, the recent discussions with high street banks could signal the start of a turn around in fortunes for Paragon. The company is proposing to sign new buy to let mortgages at first, then move into the prime mortgage market over time. Paragon would originate and service loans for its clients, and be paid a fee to do so.
However, the actual mortgage loan would be held on the books of the bank, and the lender would check how credit worthy the customer was.
Mortgage company to originate loans for banks
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Mortgage company to originate loans for banks
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