Reach your savings goals with our simple, straightforward savings accounts and cash ISAs.
See all of our reviews
Have your cake, and eat it too, with our award winning Cash ISAs
Discover our range of specialist buy-to-let and residential mortgages, available through intermediaries.
If you're a landlord, you can only apply for our mortgages through an Independent Financial Adviser. Click below to find an advisor.
Don’t forget, our discounted buy-to-let products benefit from our Track to Fix feature!
Find the right finance to get you moving with our tailored business and personal loans.
Developed in response to your feedback about the need for speed, simplicity and accuracy of lending applications, you can now log in and apply in minutes.
Find all the latest news, stories, insights and tips from Paragon Bank.
To coincide with the Debt Respite Scheme (Breathing Space) coming into force on 4 May 2021, the Government published guidance intended to support creditors in understanding the regulations.
The following is intended as an easy-to-read look at the scheme for landlords. For full details and the most up to date information on Government regulations, please visit the Gov.uk website.
The legislation gives an individual in problem debt the right to legal protections. Rent arrears qualify as problem debt so this will affect landlords in England and Wales.
There are two types of breathing space: a standard breathing space and a mental health crisis breathing space.
A standard breathing space is available to anyone with problem debt. It gives them legal protections from creditor action for up to 60 days. The protections include pausing most enforcement action and contact from creditors, plus freezing most interest and charges on their debts.
A mental health crisis breathing space is only available to someone who is receiving mental health crisis treatment and has some stronger protections. It lasts as long as the person's mental health crisis treatment, plus 30 days, no matter how long the crisis treatment lasts.
Anyone who cannot or is unlikely to be able to repay their debts can apply to a debt adviser for a standard breathing space.
If you’re told that rent owed to you is in a breathing space this will be done by the Insolvency Service’s electronic notification or post - you cannot carry out any of the following actions until the breathing space ends:
These actions also apply to any managing agents appointed by you and you must tell these agents to stop any arrears chasing as soon as possible.
A breathing space can only be started by a debt advice provider who is authorised to offer debt counselling by the Financial Conduct Authority (FCA) or a local authority.
Debt advice providers are the point of contact for the debtor, their creditors and the Insolvency Service.
A breathing space is not a payment holiday. While you cannot chase arrears where a breathing space has been granted the tenant should continue to pay their rent during that breathing space. You can continue to accept these payments.
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551