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Personal FAQs

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
Opening a Paragon Bank Savings account
To be eligible to apply

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.

About your nominated bank account

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. You will need to link this to all your Paragon accounts.

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

Applying for a Paragon 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

Once your account is ready we’ll email 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 partner with them to provide access to payment services.)

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

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.

Identity checks

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.

Protection

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.

Helping others to handle your affairs
What happens if a customer passes away?

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.

Closing the account

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.

Is your fixed rate maturing?
About maturity

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.

What happens when your account matures?

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 fixed rate accounts. Simply log in, click manage account on your fixed rate and account details.

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

When you will receive your money

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.

About your guaranteed rates

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 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.

What is 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.

Cash ISAs
What is a cash ISA?

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

What is the tax-free annual ISA allowance?

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 2018-2019 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 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.

How to withdraw from your fixed rate ISA

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.

How to transfer an ISA

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 complete and ISA transfer while you apply for your new Paragon ISA.

If you already have a Paragon ISA that allows addition 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

What period does the tax year cover?

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.

Fixed rate accounts
What is a fixed rate 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.

Withdrawing from your fixed rate account

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.

What is the personal savings allowance?

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

Notice accounts
What is a notice 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

Variable rate changes

If your rate increases, we will let you know at least 30 days before hand.

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.

What is the personal savings allowance?

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

Easy access accounts
What is an easy access 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.

Variable rate changes

If your rate increases, we will let you know at least 30 days before hand.

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.

Balances across all Paragon accounts

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

Account type Maximum balance
Fixed rate account £150,000
Cash ISA £100,000
Variable rate £150,000
Across Paragon in total £250,000
About power of attorney
Applying for power of attorney

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.

Contact us

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

Register power of attorney on an existing account

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.

Contact us

Managing a power of attorney account

All power of attorney accounts are managed by post. You can speak to a member of our UK based team today about managing your power of attorney account.

Contact us

Interest
The rate of interest on your account

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

Alternatively, you can log in and find it by clicking manage account and account details from the account summary screen

Paying tax on your interest

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 2018/2019 the limit is £20,000.

Learn more about the ISA allowance

How is interest calculated and paid?

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

Changing interest instructions

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 at least one working day before your interest is paid for it to take effect that month.

Variable rate changes

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.

Your Annual certificate of interest

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.

We’ll send you a closing statement and summary of interest, if you choose to close your account.

Moving your money
Depositing your money

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

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 partner with them to provide access to payment services.)

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

We will credit cheques to your account two business days after 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.

Transferring your money between your Paragon accounts

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 in instructions on screen.

For details on how to transfer an ISA please see “Transferring an ISA”.

Withdrawing your money

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 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.

Managing your account online
How to manage your online account

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.

How to log in

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

We posted your username to you in your Welcome letter when you opened your account.

Forgotten login details

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

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

Contact us

Changing your details

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 details including your name, address, nominated bank account or email address simply log in to your account and click ‘change my details’. In some instances, we may ask for some more details or to send us a form.

Closing your account

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.

Security and staying safe online
What online security safeguards are in place?

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.

How you’re protected from fraud and scams

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 user name is randomly generated, so it can’t be easily guessed by anyone.

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.

Contact us

How you can help us protect you

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.

Contact us

How we use your information

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.

Our cookie 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.

Your security questions

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

security@paragonbank.co.uk

Second charge mortgages

I have a second charge mortgage with Paragon
I have an existing loan with Paragon; can I borrow any more money?

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

I took a second charge loan out with Paragon Personal Finance Ltd prior to 2014, who should I contact?

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

How do I get in touch with Paragon after my loan has completed?

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.

Can I change my payment date?

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.

How do I make an additional payment?

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.

What do I do if I'm thinking of remortgaging or want to borrow more money on my first mortgage?

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.

Do I need to settle my loan if I move house?

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.

Is porting available on Paragon second charge mortgages?

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.

I am having problems paying?

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.

I am not having problems paying today but my circumstances have changed and I'm worried I may not be able to pay in the future

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.

Can I overpay my second charge mortgage?

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.

What do I do if I'm changing my bank account?

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

Can I settle my agreement early?

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

How can I make a payment to settle my agreement?

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.

Why is my settlement figure different from the balance of my loan?

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.

Can I underpay my second charge mortgage?

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.

Can another person talk to you about my agreement?

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.

Why has there been a change in payments on my account?

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.

What do I do if I am unhappy with the service I have received?

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.

What are the service fees?
To see our latest list of service fees please click here.
Are there any organisations who can provide advice if I am facing financial difficulties?

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

What happens if I am experiencing financial problems due to ill-health or for any other reason?

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.

What are the opening hours of your customer service helplines?

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.

I’m interested in a second charge mortgage
Who are Paragon?

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.

Who do Paragon lend to?

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.

How do I apply for a loan with Paragon?

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.

What is a second charge mortgage?

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.

How much can I borrow?

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

What can I use a Paragon secured loan for?

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.

Is there anything I can't use a second charge mortgage for?

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
Do you offer payment holidays?

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.

What is a repayment mortgage?

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

Who are Paragon?

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 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.

How do your dealers qualify?

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.

How reputable are your dealers?

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.

How do I make an additional payment?

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.

How do I settle my account?

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.

Having problems paying?

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

I have a new agreement, when will my payments begin?

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

What do I do if I'm changing my bank account?

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

Can I settle my agreement early?

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

How can I make a payment to settle my agreement

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

Can I change my payment date?

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.

Can I take my car abroad?

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.

What do I do if I am unhappy with the service I have received?

Please visit our Complaints page.

What are service fees?

To see our latest list of service fees click here.

Can I withdraw from my finance agreement?

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.

What do I need to do if I want to withdraw from my finance agreement?

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

If I withdraw from my agreement, what will I need to pay?

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

Can I make a lump sum payment towards my 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.

I have a problem with my vehicle. What do I do next?

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

What do I do if my car is written off?

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.

What happens if my car is stolen?

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.

I'm experiencing financial difficulties, can I reduce my monthly payments?

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.

If I can no longer afford to make any repayments, what options are available to me?

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.

What happens if I am experiencing financial problems due to ill-health or for any other reason?

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.

How do I make a complaint?

Please visit our Complaint page.


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

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