Securitisation Issue

Paragon Group Of Companies PLC
22 March 2007




PARAGON COMPLETES BUY-TO-LET SECURITISATION AT RECORD PRICING IN LINE WITH PRIME
DEALS

The Paragon Group of Companies PLC has today completed its 52nd securitisation
for a total amount of £1.5 billion, its first buy-to-let only transaction of
2007.  The completion of Paragon Mortgages (No.14) PLC brings total issuance by
the Group to £18.5 billion.

Nick Keen, finance director said: 'This deal achieves record pricing in line
with prime owner-occupied mortgage securitisations.  Bond investors in the UK,
Europe and the US appreciate the excellent credit profile of UK buy-to-let
assets originated by Paragon which is reflected in the improved funding costs.'



PM14 notes were issued in three tranches, rated by Standard & Poor's, Moody's
and Fitch and were offered in Sterling, Euros and US Dollars.

The details of the transaction are as follows:


•   The £1,500,000,000 (sterling equivalent) of Notes are issued by Paragon 
    Mortgages (No.14) PLC in 8 classes and in three currencies.

    The Class A1 senior Notes are issued in US Dollars $1,500,000,000

    The A2 senior Notes in three currencies: Sterling £125,000,000 Euro
    €246,000,000 and US Dollars $400,000,000

    The Class B Notes are issued in two currencies: Sterling £51,900,000 and
    Euro €88,800,000

    The Class C Notes are issued in two currencies: Sterling £20,000,000 and 
    Euro €135,500,000

    The Class A1 remarketable 2a-7 Notes have been assigned a rating of P-1,
    A-1+, F-1+ by Moody's, Standard & Poor's and Fitch respectively.  The 
    ratings agencies have assigned ratings of Aaa, AAA and AAA respectively to 
    the Class A2 Notes

    Although all classes of Notes share the same security, the Class A1
    Notes rank pari passu with the Class A2 Notes, and have priority over the 
    Class B Notes and the Class B Notes have priority over the Class C Notes as 
    to quarterly payments of interest and as to principal in the event of 
    enforcement

•   The margins over the relevant currency reference rate for each of
the tranches of the Notes are: 0bp for the Class A1; 10bp for the Class A2; 18bp
for the Class B; and 38bp for the Class C Notes.

•   The Notes are secured by a pool of prime buy-to-let mortgages, as
well as a cash fund of 1.90% of the aggregate principal balance of the Notes.

•   Paragon Finance PLC and Mortgage Trust Services PLC are the administrators 
for the issue.

                                    - ENDS -


For further information, please contact:
Nick Keen
Finance Director
The Paragon Group of Companies PLC
Tel: [phone]






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