24 July 2014

Specialist buy-to-let lender Paragon has called on the Government to do more to stimulate new lending.

Paragon, classed as a non-bank lender, has closed its books to new business for over a year, although it is still dealing with existing clients who want to refinance their portfolios.

John Heron, director of mortgages, said: "Our landlord customers continue to experience tenant demand at record levels, and these customers are also benefiting from a low interest rate environme

"Demand for buy-to-let investment is robust, but investors' ability to grow their portfolios is restricted by a lack of available finance across the buy-to-let mortgage market. Prior to the credit crunch, non-deposit taking lenders played a major role in the buy-to-let market, but the closure of the wholesale funding markets has inhibited their ability to conduct new business.

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