If you've got a question, we've got the answer, and we’ve put the answers to your most frequently asked questions all in one place to help you find what you need.

Savings

Mortgages

Loans

To open a Paragon Savings account, you must be 18 years old or over and a UK resident excluding the Channel Islands and Isle of Man for tax purposes. Our accounts are not currently available for trusts, charities or businesses.

Using a letter of authority you can appoint a Financial Advisor to manage your account. The letter must be dated within six months.

A nominated bank account helps keep your savings safe and secure, moving only between your Paragon account and your nominated bank account. It also helps us comply with money laundering regulations.

Your nominated bank account must be a UK current account held in your name either as a joint or sole holder. The same account will be linked to all your Paragon Bank accounts.

We can only accept deposits to and from your nominated bank account.

Step 1 Apply online

Simply click the Apply Now button on your chosen account to begin your application. You’ll need your contact details, email address and details of the UK current account to register as your nominated bank account. If you’re applying for a Paragon cash ISA, you’ll also need your National Insurance Number.

Step 2 Make your opening deposit

We will email you your application reference number, which you can use to make your opening deposit so you don’t have to wait for your account number.

If you make your opening deposit within 14 days of your application we will guarantee the rate you applied for, or the one offered to new customers at the time whichever is higher. If your opening deposit reaches us between 14 – 30 days, you will get the rate offered to new customers. Remember, this might be lower than the rate you applied for. After 30 days we’ll assume you no longer need your account and it will be closed.

Electronic bank transfer

Our sort code: 40-02-50
(This may show up as HSBC, we use them as a clearing bank only.)

Our account number: 31344897

Beneficiary: Paragon Bank

Payment reference: your account number/your application reference number.

Cheque

Please make your cheque payable to:

“Paragon Bank Re your name and savings account number/application reference number.”

And send freepost to:

RTEX-LLUT-KKKE, Paragon, PO Box 850, Wallsend NE28 5BJ

Important information: We have a payment clearing relationship with HSBC Bank PLC. As a result, when you deposit funds electronically, the sort code will appear as HSBC Bank PLC.

It’s important to use a payment reference and the beneficiary name. These allow us to identify and apply your deposit to your savings account. Without this there may be a delay in processing your deposit or we may return your funds.

Step 3 Your account details

After all checks and verifications have been completed, we will send your Welcome Pack to your address. This will include your account details and a reminder of how to make your opening deposit.

The pack will also confirm your Paragon account number, which is your new payment reference. It replaces the application reference number you were sent via email when we received your application. Don’t worry if you have sent a payment using your this number it will still reach your Paragon account.

We will use the information you give us in your application to carry out electronic identity checks to verify you and your address. At times, we may need more information.

If you’ve received a message to say we need more information about you, please download our Identity Guide to give you all the information you need on the checks we carry out, the type of documents we can accept to help verify your ID and what you need to do.

Identity Guide

You can still make your opening payment while we verify your identity using your application reference number. If for any reason we are unable to complete your application, we’ll contact you and return your money as soon as possible.

We may ask you to send us identification documents for security and fraud prevention. Documents you send to us need to be original or certified copies. However, we recommend that you send certified copies. These must be certified within one month.

The certifier should also include the words “I certify this is a true copy of the original” when they date and sign the copy.

Below is a full list of all acceptable certifiers. Every page should be certified, and you must provide contact details, address and telephone number for the person certifying your documents as we may need to contact them. If sending originals such as passports, licences and identify documents, please use registered post. We’ll return all original documents we receive.

Accountant
Bank/Building Society official
Barrister
Commissioner for oaths
Dentist
Doctor
Financial services intermediary, eg a stock broker or insurance broker
Justice of the Peace
Notary
Lecturer
Member of Parliament
Minister of a recognised religion
Optician
Paralegal – certified paralegal, qualified paralegal or associate member of the Institute of Paralegals
Police officer
Post Office document checking service
Solicitor
Surveyor
Teacher

Paragon are registered under the Financial Services Compensation Scheme (FSCS), meaning your eligible savings are protected up to the current FSCS limit.

You can find more information on the FSCS here or visit the FSCS website.

In the unfortunate circumstance of the death of a customer, we will aim to make it easy to handle their affairs with us.

Please see our guide, designed to help next of kin.

Death of an investor guide

Please send an original or certified copy of the death certificate, so we can register the death. If the account is held in joint names it will be transferred to the surviving account holder, or we will write to the person(s) dealing with the estate to either continue or close the account.

Please note, a death certificate can only be certified by a Solicitor.

If the account is to be closed, once all documentation has been received we will send all balances by cheque.

The interest on the account will be calculated up until the day before the date of death as shown on the death certificate.

Your account is maturing when your fixed rate is coming to an end. Only fixed rate accounts or fixed rate cash ISAs will mature, easy access or notice accounts will not mature.

We will email you at least 28 days before your account matures asking you to log in and give us your maturity instructions. You can give us new instructions or change your existing ones up to two days before your fixed rate ends. If you don’t tell us by then, we will move your money into an easy access account or easy access cash ISA, so you can access your funds whenever you need. We don’t tie you in for another fixed term without your permission.

If you think your account is reaching maturity and have not heard from us, you can log in and check the maturity date on your Account Summary screen.

We send notifications by email, so please check the email address on your account to receive future communications about your savings.

Download our maturity guide to help

You can choose to withdraw your maturing funds to your nominated bank account.

If your account matures on a business day your funds will be in your nominated bank account and available for withdrawal on the same day. If your maturity date is a non-business day your funds will be cleared into your nominated bank account, the following business day.

We value our customers so as a thank you for saving with us, we offer you our Paragon rate guarantee.

This means that between you giving your maturity instructions and your account maturing, if the rate advertised on our website on your chosen account goes up we will pass on this rate increase to you. But if it goes down you’ll stay on your higher rate.

So, you won’t lose out within your maturity window.

Your maturity window is the period you can make and change your maturity instructions. It runs from when you receive your first maturity email to two days before your account matures.

During this time, your maturity options are covered by our guaranteed rate promise, so you won’t lose out with in your maturity window.

ISAs are Individual Savings Accounts which give UK taxpayers tax-free status on their savings, now and in the future.

Paragon offer fixed rate and easy access cash ISAs. So, you can either lock your money away for a higher rate benefit or have unrestricted access. All with tax-free ISA status on your eligible funds.

Learn more about ISAs

Every tax year the government sets a maximum amount you can invest in an ISA between April 6 and April 5 the following calendar year. This is your annual ISA allowance or subscription. For the 2019/2020 tax year the ISA allowance is set at £20,000. Your allowance must be used with one provider, but can be split between different types of ISA.

We don’t offer Flexible ISAs, so if you withdraw from your ISA you can’t replace the funds without using your remaining ISA allowance. For instance, if you deposit £10,000 take out £5,000 and then deposit another £5,000, you’ve used £15,000 of your ISA allowance.

You can make early withdrawals from your fixed rate ISA however this is at a penalty. A loss of interest, or capital if enough interest has not been earnt. Your product terms and conditions will tell you exactly the penalty for early withdrawals from your cash ISA.

You will lose the tax-free ISA status on any funds you withdraw, without going through an ISA transfer.

To keep the tax-free ISA status on your money, you must transfer your ISA through your provider and not through a withdrawal.

You can transfer your existing ISA to Paragon either online or by post.

Transfer online

You can start an ISA transfer while you apply for your new Paragon ISA.

If you already have a Paragon ISA that allows additional deposits, simply log in and click “transfer your ISA to Paragon” from your account summary screen.

Transfer by post

Download and complete either:

Cash ISA transfer form

Stocks and shares ISA transfer form

And send freepost to:

RTEX-LLUT-KKKE, Paragon, PO Box 850, Wallsend NE28 5BJ

It takes up to 15 working days to transfer a cash ISA. But, it’s usually done earlier. A Stocks and Shares ISA should take 30 working days to complete.

The tax year runs from 6 April to 5 April the following year. Each tax year, you can either open a new ISA or continue to save in an existing ISA, until you reach your annual allowance and you’ll earn tax-free interest on your whole balance every year.

Your maximum balance across Paragon can not exceed £500,000 per person.

In cash ISAs you can hold up to £500,000 per person.

Your product terms and conditions will detail the minimum and maximum balance on your specific account.

Fixed rate accounts offer a higher rate of interest for locking your money in for longer. Your rate will remain the same for the entire fixed term, so you will know exactly how much interest you’ll earn by the end of your term.

To learn more about fixed rate accounts see our fixed rate account guide.

You cannot make early withdrawals from your fixed rate account. So, it’s important you’re sure you won’t need access to the money before you deposit.

Unlike ISAs, fixed rate accounts are subject to tax. However, the government introduced the Personal Savings Allowing in 2016 which allows you to earn a certain amount of tax-free interest on your savings dependant on your tax bracket.

Learn more about the Personal Savings Allowance

Your maximum balance across Paragon can not exceed £500,000 per person.

In fixed rate accounts you can hold up to £500,000 per person.

Your product terms and conditions will detail the minimum and maximum balance on your specific account.

Notice accounts give you flexibility with your savings and the opportunity to earn higher interest than with an easy access account. You can top up your savings over time and have access if you give the required amount of notice.

The rate on notice accounts is variable so can change over time.

To learn more about notice accounts see our notice account guide

If your rate increases, we will let you know within 30 days of the change.

We will notify you in line with your notice period for any rate decreases. We will assume you’re happy to accept the change if after this period you do not choose to close your account.

Unlike ISAs notice accounts are subject to tax. However, the government introduced the Personal Savings Allowing in 2016 which allows you to earn a certain amount of tax-free interest on your savings dependant on your tax bracket.

Learn more about the Personal Savings Allowance

Your maximum balance across Paragon can not exceed £500,000 per person.

In notice accounts you can hold up to £500,000 per person.

Your product terms and conditions will detail the minimum and maximum balance on your specific account.

Easy access accounts are great to build your savings with no access restrictions.

The rate on easy access accounts is variable so it can change over time.

To learn more about easy access accounts see our easy access account guide.

If your rate increases, we will let you know within 30 days of the change.

We will notify you at least 60 days before any rate decreases. We will assume you’re happy to accept the change if you do not choose to close your account.

Your maximum balance across Paragon can not exceed £500,000 per person.

In easy access accounts you can hold up to £500,000 per person.

Your product terms and conditions will detail the minimum and maximum balance on your specific account

We understand that it’s sometimes necessary for a customer’s account to be managed on their behalf, as power of attorney. We can set up power of attorney on new or existing accounts.

To apply for a power of attorney on a new or existing account please contact our UK based team.

For all the information you’ll need on power of attorney, a new or existing account, including what you need to do, documentation and managing a power of attorney account please see our guide.

A guide to power of attorney

You’ll find all the information you need to register a power of attorney on an existing account in our Guide to power of attorney.

You’ll find a comprehensive list of documents you’ll need to supply and instructions on certifying them.

To register a power of attorney on an existing account please contact our UK based team.

When the account is set up, you’ll be able to log in as normal from our website and manage the account online.

Please see “managing your account” for more guidance.

Your product terms and conditions will detail what the interest rate on your specific account is.

Alternatively, you can log in and find it on your account summary screen.

It is your responsibility to declare and pay the required tax on your interest.

The government introduced the Personal Savings Allowing in 2016 which allows you to earn a certain amount of tax-free interest on your savings dependant on your tax bracket.

Learn more about the Personal Savings Allowance

All your interest from ISA savings is tax-free. However, the annual ISA allowance limits how much money you can deposit into an ISA every year. For the tax year 2019/2020 the limit is £20,000.

Learn more about the ISA allowance

Interest is calculated daily, compounded and paid gross on either a monthly or annual basis. This depends on how you elect to receive your interest and the specific product you hold.

You interest payment is dependent on the date of your opening deposit, subject to your product terms and conditions

You can choose how you’d like your interest paid either annually or monthly. Where you’d like it paid to: your current Paragon account, your nominated bank account or another Paragon account. Subject to your product terms and conditions.

To change any of these instructions, simply log in to your account and select ‘manage account’ and ‘account details’.

If you change your instructions, you must do so by 5pm at least one working day before your interest is paid for it to take effect that month.

We will always contact you before the interest changes on your account.

If the rate goes down, we will contact you 60 days before hand. If your account has longer than a 60 day notice, we will notify you in line with your required notice period. If after this notice period, you do not choose to close your account we will assume you’re happy to accept the change.

If the rate on your variable rate account increases, we will notify you within 30 days of the change.

While you hold an account with us, you can generate an interest statement online for any of your accounts. Simply log in to your account, select manage account and interest statement from the account summary screen.

If you have closed your account, we’ll send you a closing statement and summary of interest. You can also view this by logging into your account and selecting ‘closed accounts’.

If your account allows for additional deposits, you can either make payments by electronic bank transfer or cheque, from your nominated bank account.

We will credit any money you deposit by Electronic Transfer or by transfer from another Paragon Account on the same business day we receive it. You should then be able to make a withdrawal on the same day, unless your Product Terms and Conditions do not allow it. If we receive your deposit after 2pm (our transfer-in deadline) then your account will be credited the next business day.

Remember - we will always ask you to use these details when making a deposit. If you’re ever asked to use different details do not send any money and contact us immediately.

Electronic bank transfer

Sort code: 40-02-50 (This may show up as HSBC, we use them as a clearing bank only.)

Our account number: 31344897

Beneficiary: Paragon Bank

Our payment reference: your account number/your application reference number.

Cheque

Please make your cheque payable to:

“Paragon Bank” always include your name and savings account number/application reference number.

And send freepost to:

RTEX-LLUT-KKKE, Paragon, PO Box 850, Wallsend NE28 5BJ

Important information: We have a payment clearing relationship with HSBC Bank PLC. As a result, when you deposit funds electronically, the sort code will appear as HSBC Bank PLC.

We will credit cheques to your account on the day we receive them, although it can take up to six days to clear the banking system. You’ll start to earn interest from the second business day after we receive your cheque.

How long it takes for an electronic bank transfer to reach us will depend on your bank or building society.

We will email you when your funds have been credited to your account. If the funds reach us after 4pm we will email you the next business day.

If we are unable to credit funds to your account (for example if funds have been sent from an account other than your nominated bank account) and your funds are rejected, we will send an email to confirm.

If funds are sent before 4pm and rejected, an email to confirm will be sent the next business day. Rejected funds sent after 4pm will be returned the next business day and an email sent following business day.

You can easily transfer your money between your existing Paragon accounts, if they both allow for withdrawals and additional deposits

Simply log in, select the account you’d like to transfer from, click “move my money” and follow the on-screen instructions. Your other Paragon account will be an option to transfer into.

To transfer into a new Paragon account, you will need to first open a new account. Log in and click “open new account” to apply. Your new account will be available for an internal transfer the following business day, when you can log in select “move my money” on the account you’re transferring from and follow the instructions on screen.

For details on how to transfer an ISA please see “Cash ISAs, How to Transfer an ISA”.

If your account allows withdrawals, you can withdraw up to the cleared balance shown on your account.

Simple log in to your account, select the account to withdraw from and follow the on-screen instructions.

Remember your account will be closed if the balance falls below the minimum shown on your product terms and conditions, you can only withdraw to your nominated bank account.

If you make your withdrawal by 2pm (our transfer-out deadline) your money will show in your Nominated Bank Account on the same day. If your request is made after 2pm your money will show on the next business day.

By logging into your account from our website you can manage your account. This includes, viewing and moving your balance, applying for new accounts, changing your details and accessing statements.

You’ll need your username, password and memorable details to log in.

We emailed your original username to you, and it’s with your welcome pack. But remember, you might have changed it since.

You can easily reset your password from our login page, you’ll need access to your emails, your username and memorable details.

We emailed your username to you when you opened your account, and it’s with your welcome pack. Remember, you might have changed it since.

If you’ve forgotten your username or memorable details simply call our team.

It’s important to keep your details with us up to date. It helps us keep your money safe and secure by being able to contact you quickly if we need to.

Email is the primary way we will contact you about your account, so it’s important to keep your email address up to date.

If you need to change any of your details including your name, address, nominated bank account or email address simply log in to your account and click ‘change my details’.

You can also change your username and memorable details to something more personal.

In some instances, we may ask for some more details or to send us a form.

Depending on your product terms and conditions you can close your account.

To close an easy access account or easy access ISA, simply log in and transfer all your funds out of the account. For help withdrawing please see “withdrawing your money”.

Notice accounts still in the initial 14 day cooling off period can be closed, after this you need to give notice in advance of closing your account. Please refer to your product terms and conditions for more information.

Fixed rate accounts cannot be closed before the account matures

Fixed rate cash ISAs still in the initial 14 day cooling off period can be closed, after this there is a penalty for early closure. Please refer to your product terms and conditions for more information.

When you visit www.paragonbank.co.uk and access the Savings log in page, the website address is prefixed with ‘https’ and will be displayed next to a padlock symbol. This confirms that you are on our genuine website and your data will be protected by industry standard encryption, and its authenticity is verified by GeoTrust security certificates. If your computer or device displays a warning about the security of the website or its certificate, you should not attempt to use it or enter any of your login details.

We have in place a range of cyber security measures to safeguard the security of our internet banking service, but it is also important that you maintain the security of the computer or device you use to access our website. You should use the latest available version of your preferred internet browser to ensure compatibility, install anti-virus software and keep it up-to-date, and keep the operating system and programs up-to-date with security updates.

Also, it is important that you set a unique password for your internet banking account, to maintain its confidentiality in the event that other online services you may use become compromised.

It’s important to us that we keep your money and data safe when banking with us, and many of the features we have in place add a layer of security for you.

Your nominated bank account means we will only ever accept or move your money to your nominated bank account.

When you’re logged in you will be logged out after a period of inactivity to protect your account in case you’ve forgotten to log out.

Your original username is randomly generated, so it can’t be easily guessed by anyone. You have the ability to change this to something more personal and memorable to you.

We never ask for your full log in details over the phone or email, if you’re ever contacted by Paragon asking for these details please do not give any information and call us to report it.

Be aware of scams or phishing emails. Fraudsters may try to trick you into giving up your login details or sending money. If you’re ever in doubt please contact us straight away before taking any other action.

When you apply for an account we will collect information about you that we may use with Fraud Prevention Agencies.

Information is also collected about how you use our website, products and services through cookies.

The information we collect will be used to service your account, continually improve our site, products and services.

With your permission we would also like to keep you up to date on Savings products and services we think may be of interest to you.

Read our full data policy.

Cookies are small data files that are sent to your computer from websites. They’re stored on your computer or device memory.

Our website uses cookies to help give you a better user experience, understand how our site is used and if our messaging is effective.

We will ask for your permission to use cookies when you first visit our site to comply with e-privacy regulations.

Read our full cookie policy.

If you’re ever unsure, or have any security queries please email:

security@paragonbank.co.uk

Second charge mortgages

If you would like to borrow further funds, please contact an independent financial advisor to discuss your requirements.

If you took out a second charge mortgage with Paragon before 2014 and have a query, please call 0345 147 9303.

Once your loan has completed and you’d like to contact us, you can call 0345 149 7750. Our UK based Customer Servicing team are happy to help with any questions you may have.

Yes - please contact our Customer Servicing team on 0345 149 7750 to discuss this. Any request to change your payment date must be made at least five working days before your monthly payment is due. Please be aware that deferring your payment date may mean your next payment is larger than usual as it will include interest for the additional days until payment is collected.

If you want to make an additional payment to your usual arrangements, please call us on 0345 149 7750 and we’ll be happy to help. Please note there is a minimum requirement of £500 to do this. For more information, please see your terms and conditions.

If you are thinking of remortgaging or borrowing more on your current first mortgage, then please get in touch with us as soon as possible on 0345 149 7750 to discuss your request. Your loan with Paragon contains a restriction which prevents changes to the charges registered against your property without our consent.

It may be possible to transfer your second charge mortgage to your new property, however, this will be subject to our lending criteria at the time of your request. Please contact us as soon as possible to discuss your requirements and if we can accommodate your request, we’ll tell you the conditions you’ll need to meet to allow us to approve a transfer. This is because we will need to communicate with your solicitors to make sure all of the paperwork is fully prepared and has been received by your solicitor in time for completion.

It may be possible to transfer your second charge mortgage to your new property. In this instance, please contact us as soon as possible to discuss your requirements and the conditions you’ll need to meet to allow us to approve a transfer. This is because we will need to communicate with your solicitors to make sure all of the paperwork is fully prepared and has been received by your solicitor in time for completion.

If you are having difficulties meeting your payments please call us on 0345 149 7751 as soon as possible. We have a number of options we can talk to you about and we will always do our best to help.

If you think you may struggle with your repayments in the future, please call us on 0345 149 7751 as soon as possible. We have a number of options we can talk to you about and we will always do our best to help.

If you want to make additional payments to your usual arrangement, please call us on 0345 149 7750 and we’ll be happy to help. Please note there is a minimum requirement of £500 to do this. For more information, please see your terms and conditions.

We are happy to change your bank account details. To make sure we collect your monthly payment on time, please give us a minimum of five working days to set up your new payment arrangements.

If the new bank account you wish to use only requires one signature, you can update us with the details and set up your new Direct Debit, by calling 0345 149 7750.

If the new bank account you wish to use requires two or more signatures on the account, please fill out a new Direct Debit instruction and send it to us at:

Customer Servicing
Second charge mortgages
Paragon
51 Homer Road
Solihull
West Midlands
B91 3QJ

Yes, you can settle your agreement at any time. To get a settlement figure, please call our Customer Servicing team on 0345 149 7750.

If you would like to settle your agreement with us, please call us on 0345 149 7750 to request a settlement figure. Once you have received your settlement figure, there are a number of ways you can pay it. The quickest and easiest way is by electronic bank transfer. We will send you our bank details with your settlement statement. Alternatively you can call our Customer Servicing team on 0345 149 7750 and make a payment by debit card.

If you decide to settle your second charge mortgage before the end of your agreement, you may have to pay us an early repayment charge. Your offer letter will explain if and when any early redemption charges apply to your loan and how this is calculated.

If you are having difficulties meeting your payments, please call us on 0345 149 7751 as soon as possible. We have a number of options we can talk to you about and we will always do our best to help.

Under the Data Protection Act we can only talk to individuals named on your loan agreement, unless you have specifically nominated a third party to speak on your behalf. Even then, we can only provide information to your third party - they cannot make any changes to your agreement.

If you would like to nominate a third party please contact our Customer Servicing team on 0345 149 7750.

If your loan with us is on a variable rate, it means your payments can change over the term of the loan. Please note that these rates are not linked to any external rate such as the Bank of England Base Rate. The factors that can result in a change in your interest rate are detailed in your terms and conditions.

We strive to provide the highest possible level of customer service at all times. If we haven’t met your expectations please let us know and we will try to resolve any issues as quickly as possible.

You can contact us about your complaint by calling 0345 149 7753 or email bank.complaints@paragonbank.co.uk.

To see our latest list of service fees please click here.

If you are experiencing financial difficulties you can seek free independent advice from:

Citizens Advice www.citizensadvice.org.uk

National Debt Line www.nationaldebtline.co.uk

Payplan www.payplan.com

Step Change Debt Charity www.stepchange.org

These organisations will help you assess your financial situation to see what you can afford. They will also help you fill out a common financial statement which you should send, along with your proposed repayment offer, to:

Collections
Second charge mortgages
Paragon
51 Homer Road
Solihull
West Midlands
B91 3QJ

Should your financial position change in a way that will affect your ability to make your monthly repayments, it is extremely important to contact us immediately. The sooner we are made aware of your circumstances, the sooner we can help you find a solution. Under these circumstances please contact our team on 0345 149 7751.

If you’re a new customer and you’d like to speak to us you can call 0345 149 7755, Monday to Friday 9.00am to 5.00pm.

If you’re an existing customer, we’re available on 0345 149 7750, Monday to Friday 8.30am to 5.00pm.

We provide simple, straight forward secured loans, available through a panel of registered brokers. Although our loans are arranged through brokers, our secured loans are built with our customers in mind and our UK based customer servicing team are always at the end of the phone to answer any questions.

We are regulated by the Financial Conduct Authority (FCA) and are members of the Finance and Leasing Association (FLA) and subscribe to its lending code. More information about the FLA can be found here.

You must be an employed or self-employed homeowner with an existing mortgage to receive approval for a second charge mortgage from us. Currently, we do not offer unsecured loans.

We do not sell our second charge mortgages direct to customers. Our mortgages are available through a number of mortgage intermediaries who specialise in this market.

Although we’re not able to recommend any particular intermediary, you can contact us on 0345 149 7755 for help in locating a suitable firm.

Once you have chosen an intermediary, before they will be able to advise you, they will ask about your circumstances and finances and about your requirements. Your intermediary will recommend a mortgage that they believe is most suitable for your needs and circumstances and will also be responsible for arranging your loan.

Your intermediary should explain the terms and conditions of the loan, as well as what the various documents mean. We recommend that you ask for an explanation if you don’t understand any part of your second charge mortgage agreement, including the terms and conditions.

If, after talking to your intermediary, you are still in any doubt you should seek independent legal and/or financial advice. Please note that your intermediary may charge you a fee for their service.

Second charge mortgages are personal loans against which you offer some form of security – in our case that security is your home. Second charge mortgages are usually taken out to make home improvements, like a conservatory or extension. Some people use them for big purchases such as a car or holiday of a lifetime, and often they are used to re-organise finances and consolidate debts**

**consolidating your debt may increase the amount you pay back overall and extend the repayment period. Repaying borrowing over a longer term may increase overall interest charges – but it can help keep your repayments at a more affordable level.

We offer loans between £20,000 and £500,000 over terms of 60 to 360 months.

Secured loans offer a convenient way of simplifying and re-organising your monthly budget by consolidating existing debts into a single loan and monthly repayments. It is often possible to raise additional cash at the same time for home improvements, a holiday, or other expenses such as a family wedding.

Although your current monthly outgoings and the interest rates you’re paying can often be significantly reduced, you should be aware that stretching your finances over a longer term could increase the overall amount of interest you’ll pay. You should discuss this with your broker at the time of application.

We won’t consider second charge mortgage applications that are for:

business purposes
cosmetic surgery
settlement of outstanding tax
installation of solar panels
financial speculation
funding towards marital settlement

Payment holidays aren’t available on our mortgages but if you are having difficulties meeting your payments, please call us on 0345 149 7751 as soon as possible. We have a number of options we can talk to you about and we will always do our best to help.

A repayment mortgage is a mortgage where each monthly payment partly covers the interest due each month with the rest going towards paying off the original amount you borrowed.

Motor Finance

We provide simple, straight forward motor finance for Cars, LCV’s, Motorhomes and Caravans, available through a panel of registered brokers and dealers. Although our loans are arranged through introducers, they are built with our customers in mind and our UK based customer servicing team are always at the end of the phone to answer any questions.

We have a comprehensive registration process in place when recruiting dealers and deal with only the most reputable companies. In all instances one of our Regional Sales Managers will visit potential dealers before approving them.

Our dealers must be approved by the FCA or have interim permission, along with other qualifying criteria, to be able to represent Motor Finance. So you can be sure you will be in safe hands.

If you want to make a payment outside your usual arrangements, you can call us on 0345 149 7770. We will be happy to help.

You can get a settlement figure for your account by calling our Customer Servicing Team on 0345 149 7770. We will also send you a copy in the post.

If you are having difficulties meeting your payments please call us on 0345 149 7771 as soon as possible. We have a number of options we can talk to you about and we will always do our best to help.

Opening times

8:00am - 9:00pm Monday, Tuesday, Thursday and Friday
9:00am - 9:00pm Wednesday
8:00am - 5:00pm Saturday
Sunday CLOSED
Bank Holiday CLOSED

Your repayments will usually begin one month after your agreement start date. Please refer to your individual Customer Welcome Pack for further details.

We are happy to change your bank account details. Just make sure you give us a minimum of five working days to set up your new payment arrangements so we can ensure we collect your monthly payment on time.

If the new bank account you wish to use only requires one signature you can update us with the details by calling us on 0345 149 7770. We can set up your new Direct Debit over the phone.

If the new bank account you wish to use has two or more signatures on the account or you are not the agreement holder you will need to fill out a new Direct Debit instruction and send it to us at:

Customer Servicing - Motor Finance
Paragon
51 Homer Road
Solihull
West Midlands B91 3QJ

Yes, you can settle your agreement at any time. To get a settlement figure please call our Customer Servicing team on 0345 149 7770.

If you would like to settle your agreement with us there are a number of ways you can do this.

The quickest and easiest way to make a payment is by electronic bank transfer. We will send you our bank details with your settlement statement. Alternatively you can call our Customer Servicing team on 0345 149 7770 and make a payment by debit card

Yes. All you need to do is make your request at least five working days before your monthly payment is due. Please contact our Customer Servicing Team on 0345 149 7770.

You can take your car abroad, provided you have appropriate insurance cover, as described in Section 5.1 of your agreement. If you are planning to take your car outside of Western Europe or intend to take it anywhere abroad for longer than 28 days, please let us know.

Please visit our Complaints page.

To see our latest list of service fees click here.

Provided your agreement is regulated by the Consumer Credit Act (HIRE PURCHASE AGREEMENT, REGULATED BY THE CONSUMER CREDIT ACT 1974), you have 14 days from receipt of the copy of your executed agreement from Paragon to cancel the agreement. Please note that cancellation of the finance agreement does not cancel the sale of the goods themselves.

If you decide to withdraw from your Motor Finance agreement, you will need to contact our Customer Servicing team on 0345 149 7770 within 14 days of receiving your executed agreement. You will then need to confirm this in writing by sending a signed letter with your name, address and agreement number to:

Customer Servicing - Motor Finance
Paragon
51 Homer Road
Solihull
West Midlands B91 3QJ

You will need to pay the amount financed. This amount will be detailed in the payments section of your finance agreement.

Dependant on the terms and conditions of your agreement, you may be able to make additional payments at any time. All you need to do is contact our Customer Servicing team on 0345 149 7770 and we will be happy to help.

In the first instance, you will need to contact your supplying dealer to discuss the problem. If you are unhappy with the outcome and need further assistance please call 0345 149 7773 or write to:

Customer Servicing - Motor Finance
Paragon
51 Homer Road
Solihull
West Midlands B91 3QJ

If your car is written off, you need to carry on making your monthly payments whilst your insurance company resolves the matter. If your vehicle has been deemed a total loss, you will need to settle your account in full once you have received any insurance payout.

If your car is stolen, you need to carry on making your monthly payments while your insurance company resolves the matter.

If you have told us that your car has been stolen and it is then found and returned, you will need to get a letter from your insurance company to confirm this. If your car is not recovered, you will need to settle your account in full once you have received any insurance payout.

If you are having difficulties making your payments, please contact us as soon as possible on 0345 149 7771. We are happy to consider reducing your repayments and whilst we look at every case on an individual basis, there are a number of factors we take into consideration before we make a decision. These factors include: the type of agreement you have, the reason for your financial difficulties, and the balance left on the agreement.

You will potentially have a number of options available to you, such as voluntarily surrendering your car. For more information about these options, please contact our Customer Services Team on 0345 149 7771.

Please visit our Complaint page.

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Paragon Bank PLC

Head office
Paragon
51 Homer Road
Solihull
West Midlands
B91 3QJ

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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