Buy to Let
Paragon reports 95% increase in buy-to-let lending
Guest Author:
Samantha PartingtonParagon Mortgages has reported a 95% year-on-year increase in buy-to-let advances from the period between October 2013 and June this year.
In its interim management statement Paragon announced advances of £456.3m for the financial year-to-date compared to £234.9m for the same period the previous year.
In Q3, from April to June this year, the buy-to-let specialist reported completions of £187m.
John Heron, managing director of Paragon Mortgages, said: “The last quarter was very successful for the mortgage business and the wider group. The buy-to-let business continues to grow and the credit quality remains outstanding.”
The Council of Mortgage Lenders’ gross lending figures revealed that UK buy-to-let lending in May totalled £2.2bn, representing 16,000 loans.
This was up 4% in the number of loans compared to April and up 5% in value. Compared to May 2013, this was a 14% increase by volume and 22% by value.
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