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Coronavirus

We are here to help and support you.

Coronavirus is causing concern to customers during this uncertain period and is impacting on many people’s daily lives.

We are open for business, ready to support our customers and you can continue to contact us in the usual way.

During this difficult time, it’s important to stress we understand and appreciate the impact coronavirus may have on our customers’ finances.

We have a full range of tools available to support customers experiencing financial difficulty and our key focus is always to support people and businesses through periods of financial stress.

We always encourage customers who are experiencing difficulties to contact us as soon as possible so that we can discuss the support that is available to them.

We continue to review the situation so we can provide the most appropriate support to our customers, partners and employees.

Coronavirus: frequently asked questions

I am a buy-to-let mortgage customer
Can I take out a mortgage payment holiday?

You will not be able to apply for a new payment holiday as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances.

If you already have a payment holiday set up on your account, you may be able to extend this.

Am I eligible to extend my payment holiday?

Have you taken out a payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new payment holidays, however please still get in touch with us to see what other options may be available to you​
Yes
One or more payment holidays but the total of these is less than six months
You can top up your payment holiday to a maximum of six months, however this must end by 31 July 2021​
Yes
Two or more payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

Customers in receipt of a mortgage payment holiday are expected to pass this benefit on to their tenants. For further information on mortgage payment holidays click here.​

Important information

The amount deferred under a mortgage payment holiday remains repayable and will continue to accrue interest, which will lead to increased payments over the term of the mortgage.​ In addition, whilst the status of a mortgage payment holiday is not reported to the Credit Reference Agencies, taking a mortgage payment holiday maybe considered during applications for further lending with Paragon and other lenders.​​

If you are interested in extending a mortgage payment holiday, please complete this online form.

I am already receiving a mortgage payment holiday. Can this be extended?

Yes, it may be possible to extend your mortgage payment holiday depending on the length of your existing break.

Am I eligible to extend my payment holiday?

Have you taken out a payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new payment holidays, however please still get in touch with us to see what other options may be available to you​
Yes
One or more payment holidays but the total of these is less than six months
You can top up your payment holiday to a maximum of six months, however this must end by 31 July 2021​
Yes
Two or more payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further payment holiday
Please get in touch with us to discuss your options​

To apply now to extend your mortgage payment holiday, please complete the Mortgage Payment Holiday Extension Form.​

When do I need to apply for an extension?

You can apply to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

How can I manage my accounts or stay in contact with you?

All our usual communications channels remain open. However, please use our Landlord Portal or email where possible in the first instance as we’re experiencing a higher volume of calls than normal. You can check your accounts, download annual statements or apply for a further advance or product switch via the Landlord Portal.

If you wish to make a new application, please do so as normal via your intermediary or through Paragon directly.

What if I am ill and struggling to make payments?

We understand our customers may be impacted during this period and we appreciate the disruption this may cause in managing your business. We take a sympathetic view of this situation and will do all we can to support you and your business.

Please contact us, if you can, to discuss your situation, but please be aware that it may take longer to answer your call than normal.

What if my tenants lose their income due to coronavirus?

We appreciate that as a result of coronavirus, tenants may endure financial difficulties. We urge landlords to be sympathetic to their tenants’ needs and we have a range of measures in place to support landlords.

I am struggling financially. What can I do?

Where you are facing difficulty in maintaining payments on your loan a range of forbearance options may be considered depending on your individual circumstances, the property and the rental income available considering the commercial nature of the agreement. Forbearance options may include but is not limited to:

  • Breathing space - this is a period given to a customer up to 30 days, who is experiencing financial difficulty, to allow them to seek self-help, independent debt advice or assistance with completing an affordability assessment. During this time, we’ll put a hold on any collection’s activity, including phone calls or letters. However, due to regulatory requirements you may still receive some letters or statements. We may also continue to add interest or charges as normal during the breathing space and this will be reported as non-payment for the 30-day period to the Credit Reference Agencies
  • Reduced payment - A reduced payment arrangement is where you pay less than your normal monthly payment and the amount is determined by your affordability. This would be considered if we could identify that your financial difficulties will last no longer than 12 months
  • Switching a repayment account to interest only - Interest only payments are normally lower than capital and interest payments. However, you must be aware that whilst making lower payments, the capital amount borrowed does not reduce.

We have a full range of tools available to support our customers experiencing financial difficulty and our key focus is always to support you through periods of financial stress. We encourage customers who think that they may have financial difficulties to contact us on 0345 849 4080 as soon as possible so that we can discuss your circumstances and agree the best option for you.

I am a second charge mortgage customer
Can I take out a payment holiday?

You will not be able to apply for a new payment holiday as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances.

If you already have a payment holiday set up on your account, you may be able to extend this.

Am I eligible to extend my payment holiday?

Have you taken out a payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new payment holidays, however please still get in touch with us to see what other options may be available to you​
Yes
One or more payment holidays but the total of these is less than six months
You can top up your payment holiday to a maximum of six months, however this must end by 31 July 2021
Yes
Two or more payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

To apply for an extension, please email us at [email protected], quoting your account number and contact details and a member of the team will be in touch. To find out more about payment holidays, take a look here.​

How can I manage my account or stay in contact with you?   

All our usual communication channels remain open. You can call us on 0345 149 7751 or email us at [email protected] with any queries you may have.

I am struggling financially, what can I do?  

We want to support our customers experiencing financial difficulty and our key focus is always to help you through periods of financial stress. Our payment help information leaflet will explain some of the options we can offer and we encourage customers who think that they may have financial difficulties to contact us as soon as possible so that we can discuss the support that is available.

I am a residential mortgage customer
Can I take out a payment holiday?

You will not be able to apply for a new payment holiday as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances.

If you already have a payment holiday set up on your account, you may be able to extend this.

Am I eligible to extend my payment holiday?

Have you taken out a payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new payment holidays, however please still get in touch with us to see what other options may be available to you​
Yes
One or more payment holidays but the total of these is less than six months
You can top up your payment holiday to a maximum of six months, however this must end by 31 July 2021​
Yes
Two or more payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

Find further information on mortgage payment holidays here

The amount deferred under a mortgage payment holiday remains repayable and will continue to accrue interest, which will lead to increased payments over the term of the mortgage. In addition, whilst the status of a mortgage payment holiday is not reported to the Credit Reference Agencies, taking a mortgage payment holiday maybe considered during applications for further lending with Paragon and other lenders.

If you are interested in extending a mortgage payment holiday, please complete this online form.

I am already receiving a mortgage payment holiday. Can this be extended?

Yes, it may be possible to extend your mortgage payment holiday depending on the length of your existing break. For example if you have taken a three month break, this can be extended for a further three months, as long as this does not extend past 31 July 2021. The maximum total payment holiday period that is allowed per mortgage is six months in total.​

Am I eligible to extend my payment holiday?

Have you taken out a payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new payment holidays, however please still get in touch with us to see what other options may be available to you
Yes
One or more payment holidays but the total of these is less than six months
You can top up your payment holiday to a maximum of six months, however this must end by 31 July 2021​
Yes
Two or more payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

If you are interested in extending your mortgage payment holiday, please complete this Residential Mortgage Payment Holiday Extension Form.

How can I manage my account or stay in contact with you?  

All our usual communication channels remain open. You can call us on 0345 149 7764 or email us at [email protected] with any queries you may have. If your mortgage completed before 2010, then please call us on 0345 849 4060 or email us at [email protected].

I am struggling financially, what can I do? 

We want to support our customers experiencing financial difficulty and our key focus is always to help you through periods of financial stress. Our payment help information leaflet will explain some of the options we can offer and we encourage customers who think that they may have financial difficulties to contact us as soon as possible so that we can discuss the support that is available.

I am a savings customer
Can I manage my account online?

Yes, you can log in to your account in the usual way and manage your account as normal.

You can view your accounts, balances and statements, move your money, open new accounts with us and start an ISA transfer. You can change your personal and contact details, log in details, and nominated bank account.

If you have lost or forgotten your password it’s easy to reset online, you’ll need your username, email address and memorable details. Your username can be found in your welcome letter and in your emails. If you’ve changed it since and can’t remember it, please contact us.

Can I open a savings account or cash ISA?

Yes, if you’re a new customer you can open an account online and our fixed rate accounts and cash ISAs are available by post.

Existing customers can log in and apply online through a shorter application.

How do I contact you?

You can contact us in all the usual ways, but please note we’re taking precautions to keep our colleagues safe during the coronavirus outbreak whilst implementing processes to ensure we maintain our levels of customer service. If you want to talk to us it may take longer to reach us than usual, so please bear with us.

Please remember, it is quick and easy to access and administer your accounts online, and that you can log in and send us a secure message. We will always try and reply as soon as possible.

Are my savings protected by the Financial Services Compensation Scheme (FSCS)?

Your savings held with Paragon are covered by the FSCS, up to £85,000 for a single account and £170,000 for join accounts in eligible deposits. To learn more about the protection you have through the FSCS please visit our FSCS page.

I am a business customer
I’m worried about the impact of coronavirus on my business. How can I prepare?

During this difficult time, it’s important to stress that we understand and appreciate the impact coronavirus may have on your business.

We have a full range of tools available to support you through this time. Please visit our Contact Us section to find the relevant team who can assist you.

We continue to review the situation so we can provide the most appropriate advice and guidance, tailored to your business needs.

How can I remain in contact with you?

All our usual communications channels remain open and our teams are working hard to maintain the high level of service you expect from us.

To find the relevant team to support you, visit our Contact Us section.

What if I am struggling to make payments?

We understand our customers may be impacted during this period and we appreciate the disruption this may cause in managing your business. We will do all we can to support you through this difficult time.

We have a full range of support available for our customers experiencing financial difficulty and our key focus is always to support you through periods of financial stress. We encourage customers who think that they may have financial difficulties to contact us as soon as possible.

What support are you offering customers?

Paragon is committed to supporting our customers and we are aware that an increasing number may require short-term payment arrangements.

If you are experiencing financial difficulties, please visit our Need Financial Help? section.

Does Paragon have access to the Government’s Coronavirus Business Interruption Loan Scheme (CBILS)?​

Applications for the CBIL Scheme closed on 31 March 2021.​

To speak to us about an existing CBILS application, please email [email protected] and a member of the team will be in contact.​

If it’s asset finance you need, you can find out more about our specialist asset finance products for SMEs here.​

How can I ensure that I’m protected from fraudsters throughout the coronavirus situation?

It’s important that you remain vigilant and always double check any contact using trusted sources. Some criminals are using coronavirus to trick people into sharing personal or financial information via phishing emails.

If you have any concerns regarding any communications that you have received, our teams will be on hand to advise.

Does Paragon have access to the Government’s Bounce Back Loan Scheme (BBLS)?

Applications for the BBL Scheme closed on 31 March 2021.​

To speak to us about an existing BBLS application, please email [email protected] and a member of the team will be in contact.​

If you have taken out a Bounce Back Loan with us, you can find out more about your repayment options, including Pay As You Grow here.​

I am a motor finance customer
Do you offer concessionary payment holidays?

We can no longer offer new concessionary payment holidays as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances.

If you’d like to discuss this with us, then please call 0345 149 7770, or you can email us at [email protected]. Please include the subject header your full name, vehicle registration, account number(s) and telephone number.

What if I’ve missed payments? Can I still apply for a concessionary payment holiday?

You will not be able to apply for a new concessionary payment holiday as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances.

If you already have a payment holiday set up on your account, you may be able to extend this.

Am I eligible to extend my concessionary payment holiday?

Have you taken out a concessionary payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new concessionary payment holidays, however please still get in touch with us to see what other options may be available to you​
Yes
One or more concessionary payment holidays but the total of these is less than six months
You can top up your concessionary payment holiday to a maximum of six months, however this must end by 31 July 2021​
Yes
Two or more concessionary payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further concessionary payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

Please note, missed payments from before you started your concessionary payment holiday are still due. If you haven’t spoken to us about these, then please call 0345 149 7770 so we can see how we can support you.

Will my credit profile be impacted if I apply for an extension to a concessionary payment holiday as a result of COVID-19?

No, there will be no adverse impact on your credit file by extending a concessionary payment holiday, however other lenders may use this information in future credit decisions they make.

If you have already missed payments, we will continue to report these to the credit reference agencies.

Do I need to cancel my Direct Debit? What if I’ve already cancelled it?

No, please do not cancel your Direct Debit. You do not need to cancel your Direct Debit as we will not take any payments during your concessionary payment holiday.

If you’ve already cancelled it and we’re not aware, then please contact us as soon as possible.

We are a business; can we have a concessionary payment holiday?

We can no longer offer new concessionary payment holidays as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances on 0345 149 7770 or email us at [email protected].

Am I eligible to extend my concessionary payment holiday?

Have you taken out a concessionary payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new concessionary payment holidays, however please still get in touch with us to see what other options may be available to you
Yes
One or more concessionary payment holidays but the total of these is less than six months
You can top up your concessionary payment holiday to a maximum of six months, however this must end by 31 July 2021
Yes
Two or more concessionary payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further concessionary payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

Please include the subject header ‘Concessionary Payment Holiday’, along with your full name/company name, vehicle registration(s), account number(s) and telephone number.

What if I’m struggling to make payments after my initial concessionary payment holiday ends?

We want to support our customers experiencing financial difficulty and our key focus is always to help you through periods of financial stress. Our payment help information leaflet will explain some of the options we can offer and we encourage customers who think that they may have financial difficulties to contact us on 0345 149 7770 as soon as possible so that we can discuss the support that is available.

When you contact us, we may ask you to complete an income and expenditure review with us over the phone. This helps us to understand your individual circumstances and make sure that we agree the right solution for you.

I’m approaching the end of my term and have a balloon payment due, what can I do?

Please contact us to discuss your options. You can call us on 0345 149 7770 or email [email protected] with the subject header ‘Balloon Payment’. Please also include your full name, vehicle registration, account number(s) and telephone number. We’ll then be in touch to discuss your options further.

We have a range of options available to help you, such as providing you with more time to part exchange or sell your vehicle, or we may be able to extend your remaining loan term. So, please call us as soon as you have any concerns about paying your loan.

What happens at the end of my concessionary payment holiday?

At the end of your concessionary payment holiday, we will add your deferred payments to the balance of your account. By capitalising these payments, it means your monthly payments will increase and you will pay more over the full term of your loan than you would have done otherwise.

If you cannot afford an increase in monthly payments, then we may be able to offer you a term extension. This may reduce your monthly payments more in line with what you were paying before.

What is a term extension?

A term extension is an extension to the current number of months remaining on your hire purchase agreement.

We will work with you to understand your circumstances and will agree a set number of months to extend your current agreement by. This will start from the end of your existing contract and we’ll set a new end date once the extension is agreed.

Things to consider

Before deciding to request more time or even extend your agreement with us, you should be mindful of how else this may impact you for example:

  • If you extend your agreement you may be extending it past the warranty period. This means that during your extended period you could be eligible for repair costs to the car. Some repairs can be very costly, so it is worthwhile checking how long remains on your warranty before you choose to extend your lease to avoid surprise repair costs​
  • You many also want to check any servicing or wear and tear items. For example will your tyres still be legal or will they require changing and is an additional service required. Please make sure you check this before extending your agreement​
  • As the car increases in age and mileage, it can become unreliable. With the wear and tear of well-used vehicles comes the added risk of problems with the car. If you rely on your car for business, then there could be occasions when you are left without transportation​
  • Just like the warranty, sometimes your roadside assistance will have expired with your lease, so you may be liable for paying this. If the car is reaching its fourth year, you’ll also be liable for paying for the MOT and any repairs needed outside of the warranty
What further help and advice is available?

For further guidance on the support available during the coronavirus pandemic, you can contact one of the following organisations.

Money Advice Service

Coronavirus Support Page visit www.moneyadviceservice.org.uk

FCA

Information page on Dealing with financial difficulties during the coronavirus pandemic www.fca.org.uk

Here are also the details of some of the organisations which offer free, confidential and impartial debt advice.

Money Advice Service

For free, easy-to-use money tools, information and advice, visit www.moneyadviceservice.org.uk.

You can also phone 0800 138 7777 to speak to a money expert, use typetalk at 18001 0800 915 4622, or add +44 7701 342744 to your WhatsApp to send a message.

Citizens Advice

For advice and information on debt and other topics, contact your local Citizens Advice or go to www.citizensadvice.org.uk

AdviceUK

Member centres offer debt advice including specialist advice for minority communities and people with disabilities. Visit www.adviceuk.org.uk

Christians Against Poverty (CAP)

For free debt advice. Check postcode coverage at www.capuk.org then call 0800 328 0006.

National Debtline

If you live in England, Wales or Scotland phone 0808 808 4000 or visit www.nationaldebtline.org for debt advice and information.

StepChange Debt Charity

For free debt advice throughout the UK phone 0800 138 1111 or visit www.stepchange.org

Money Advice Scotland

If you live in Scotland, visit www.moneyadvicescotland.org.uk where you can use webchat to speak to an adviser, or email [email protected].

Advice NI

If you live in Northern Ireland, phone 0800 028 1881or visit www.adviceni.net

Business Debtline

If you are self-employed or a small business owner, phone 0800 197 6026 or visit www.businessdebtline.org for debt advice and information.

What is a capitalisation?

Capitalisation means your holiday payments are added to your outstanding loan balance.

We can either add all or part of your concessionary holiday payments to the remainder of your agreement – whichever you decide. It does mean your monthly payments will increase for the remainder of your agreement.

How long does it take to arrange capitalisation or a term extension?

We typically allow a period of 28 days for either a term extension or capitalisation to become active on your account. We will always keep you informed and will confirm everything in writing once completed.

Supporting tenants during coronavirus

Coronavirus scams: How to spot and stop them

Support for UK businesses during Coronavirus

Getting in touch

Personal customers
I am a savings customer

Please log in and send a secure message in the first instance. This is the quickest way to contact to us, and we will always reply as soon as possible.

Please note: we’re taking precautions to keep our colleagues safe during the coronavirus outbreak whilst implementing processes to ensure we maintain our levels of customer service.

If you want to talk to us it may take longer to reach us than usual, so please bear with us.

Speak to us from abroad:

I am a mortgages customer

Buy-to-let

Log in to the Landlord Portal to view your account information, download your annual statement or apply for a product switch or further advance.
Alternatively, you can email us at [email protected]

If you are interested in a mortgage payment holiday, please complete the online enquiry form to submit your query.

Alternatively, you can visit the Contact Us page for more options.

Second charge

You can email us at [email protected]
Alternatively, you can visit the Contact Us page for more options.

Residential

You can email us at [email protected]
Alternatively, you can visit the Contact Us page for more options.

I am a motor finance customer

Please visit the Contact Us page and contact us in the usual way.

Business customers
Construction finance & agricultural finance

If you require help with an existing loan, please make enquiries to [email protected] or contact your Account Manager.

If you have a question about a new application or an existing application which requires a payout, please contact your Account Manager.

I am a business customer introduced via an intermediary

If your enquiry relates to an existing finance agreement that you need help with, please email [email protected]

If it relates to the status of a finance application, please email [email protected]

I am a development finance customer

If you have any questions, you can find the relevant contact details at the development finance team page.

Intermediaries and dealers
I am a mortgage intermediary

Buy-to-let

You can log in to intermediary portal to upload documentation
Alternatively you can email us at [email protected]

If you have an enquiry about a new application, please contact your Regional Manager directly.

Residential

You can email us at [email protected]
Alternatively, you can visit the Contact Us page for more options.

I am an asset finance intermediary

For new business enquiries, please email [email protected]

If you require help with an existing application which requires a payout, please email [email protected]

If you require help with an existing loan, please email [email protected]

I am a motor finance dealer / intermediary

Please visit the Contact Us page and contact us in the usual way.

If you are experiencing financial difficulties, please visit our need financial help? section.

Protect yourself from fraud

Be aware that some criminals are using coronavirus to trick people into sharing personal or financial information via phishing emails.

Always double check any contact using trusted sources and remain vigilant.

Where can I find the latest medical advice about coronavirus?

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