Buy to Let
Paragon doubles its buy-to-let lending
A wider product range has boosted business for the specialist lender over the last 12 months
Buy-to-let mortgage business, Paragon Group, doubled its buy-to-let lending in the last year, according to its most recent results.
During the year Paragon saw robust growth in activity, with buy-to-let lending hitting £1.33bn – a massive 102% increase on 2014’s £656.6m.
The firm’s pipeline of new applications further illustrated the growth in business and at 30 September stood at £713.7m – up 72.1% compared with the same period last year.
Overall the Group reported a 10.2% increase in underlying profit for the period, reaching £134.7m.
John Heron, director of mortgages, said: “Access to retail markets through Paragon Bank has provided the Group with a material diversification of funding. This has helped facilitate a step change in buy-to-let lending driven by a significant broadening of our product range and a more consistently competitive position for both large-scale professional landlords and smaller-scale property investors.
“It has been a fantastic year for the Group overall and there will be more exciting opportunities to come.”