Paragon sees lower bad debts

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - Buy-to-let mortgage lender Paragon has seen reduced arrears over the past three months, adding its loan book performance is "exemplary" with landlords benefiting from increased rents and yields.

The group said it continued to operate profitably and in line with management's expectations from 1 April to 30 June 2008. Third quarter profit before taxation was similar to the average quarterly underlying profit for the first half of the year.

The number of accounts in arrears has reduced since March, with the percentage of accounts in arrears remaining at similar levels, Paragon said. The charge for impairment remains consistent with that for the first six months and is in line with expectations.

Credit market conditions continue to constrain new lending activity, it added, with lending mostly limited to further advances to existing landlords. Total loans to customers, at £10.4 billion, are at a similar level to a year previously.

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