NOTICE OF EARLY REDEMPTION

PARAGON MORTGAGES (NO.14) PLC

(Registered in England and Wales under number 06043254)

(the "Issuer")

Rule 144A Class A1 Mortgage Backed Floating Rate Notes Due 2039

ISIN: US69913FAA57

Common Code: 29271364

(the "Rule 144AClass A1 Notes")

Reg S Class A1 Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0292826921

Common Code: 029282692

(the "Reg SClass A1 Notes")

Class A2a Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0291722931

Common Code: 029172293

(the "Class A2a Notes")

Class A2b Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0291723400

Common Code: 029172340

(the "Class A2b Notes")

Rule 144A Class A2c Mortgage Backed Floating Rate Notes due 2039

ISIN: US69913FAB31

Common Code: 29271925

(the "Rule 144A Class A2c Notes")

Reg S Class A2c Mortgage Backed Floating Rate Notes due 2039

ISIN: XS0292849972

Common Code: 029284997

(the "Reg S Class A2c Notes")

Class B1a Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0291724044

Common Code: 029172404

(the "Class B1a Notes")

Class B1b Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0291724630

Common Code: 029172463

(the "Class B1b Notes")

Class C1a Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0291726254

Common Code: 029172625

(the "Class C1a Notes")

Class C1b Mortgage Backed Floating Rate Notes Due 2039

ISIN: XS0291728466

Common Code: 029172846

(the "Class C1b Notes" and together with the Class A1 Notes, the Class A2a Notes, the Class A2b Notes, the Class A2c Notes, the Class B1a Notes, the Class B1b Notes and the Class C1a Notes, the "Notes")

NOTICE IS HEREBY GIVEN that all of the outstanding Notes will be redeemed by the Issuer on 15 June 2021 (the "Optional Redemption Date"), pursuant to Condition 5(d) of the Terms and Conditions of the Notes. The cancellation of the listing and trading in the Notes on the London Stock Exchange is expected to take effect at or about 8:00a.m. on 23 June 2021. The Notes will be redeemed at their Principal Liability Outstanding together with accrued interest to the Optional Redemption Date.

Payment of principal and interest will be made through and in accordance with the rules and procedures for the time being of Euroclear Bank S.A/N.V and Clearstream Banking S.A. (as applicable) as if the Record Date was 14 June 2021.

Paragon Mortgages (No.14) PLC

51 Homer Road

Solihull

West Midlands

B91 3QJ

Dated 24 May 2021