Paragon Mortgages’ parent company, Paragon Group, has reported a 10.2% rise in profits, with buy to let lending doubling in the year to 30 September 2015.
Published this morning, the group’s annual results show that buy to let lending totaled £1.33bn during the 12-month period.
This is a 102% increase on the £657m figure recorded the previous year.
New buy to let business at Paragon Mortgages accounted for £977m this year, up from £656m last year, while Paragon Bank reported £350m of new buy to let lending.
In addition, the pipeline of new applications further demonstrates the growth in business: as at 30 September this stood at £714m, compared with £415m at the same point in 2014.
Paragon director of mortgages John Heron 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 with our acquisition of Five Arrows Leasing through Paragon Bank, there will be more exciting opportunities to come.”
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