Has Paragon Bank Advised You To Consider Incorporation?

Has Paragon Bank Advised You To Consider Incorporation?

16:34 PM, 1st September 2023, About 8 months ago 1

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We understand that Paragon Bank is now interviewing some if not all new clients who are applying for new BTL mortgages and that one of their questions is whether incorporation has been considered.

We want to understand this better, so if you’ve had one of those interviews please reach out to us in the comments below.

Paragon is not recommending any particular advisers and there may well be good reasons for that, but we have yet to find out what they are.

Several of our existing clients who have incorporated their property rental business with us have since gone on to arrange new funding with Paragon. 

For several years we have campaigned strongly for lenders to recommend an incorporation feasibility analysis. The advantage to the lenders is that a tax-efficient business is a far lower credit risk, so we wholeheartedly support and commend their new approach. However, incorporation is not right for everyone so it’s vital to take professional advice.

We can help

Property118 specialises in this area of law and tax planning and our incorporation feasibility analysis consultation process is available at a fixed price of just £400. Furthermore, we offer a guarantee of total satisfaction of a full money back guarantee. We believe this makes us unique.

15:37 on 30/08/2023 – Paragon Mortgages Managing Director, Richard Rowntree, has now clarified the position as follows: –

“We do not interview all customers or ask borrowers about incorporation on all applications. We do conduct customer interviews when lending requests exceed £2 million and in some instances, if appropriate, we may cover incorporation. We would always recommend that customers interested in incorporation seek advice from a professional adviser.”

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12:16 PM, 1st September 2023, About 8 months ago

Sue and I incorporated last April, of course always shouldofs lol but better late than never, with interest rates very low we were in We melancholy mode. However did see the sense in what 118 were saying on their fabby youtube videos, so did the 400 pound analysis consultation and was blown away with the advantages for our particular business, please note the "our business" would love to say we knew the interest rates were going up, and thats the reason we did it, all the same so glad we did. Today we are a little wiser, humbled if you like the whole industry seems to want to challenge our very existence in the industry at times, but in the end we are fighters and will find the best ways to stay in business, we feel we have an ongoing business we can pass on. Cotswold Barristers 118 and our particular accountancy, wills etc, financial advice, mortgaging team appear to be at one imho there to make it happen, and when im on one lol they have been very patient in advice, many know the price of everything but not the value, in everything, you dont know us but trust me, this set up gives amazing long term value, all imho cheers The Smileys xxx

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