Paragon Mortgages report BTL lending up 58%

Paragon Mortgages’ parent company, the Paragon Group of Companies, has announced results for the quarter to 31 December 2014.

The Group reported operating profits of £30.9 million, a 14.9% increase on the first quarter last year (£26.9 million).

Paragon Mortgages reported a strong first quarter, with significant growth in buy-to-let loans completed during the period of £222.1 million – a 58.4% increase on the same time period last year (£140.2 million).

The business has also seen strong growth in the new business pipeline, which stood at £416.7 million at 31 December 2014, which is up from £222.5 million at the same time point last year.

John Heron, Managing Director of Paragon Mortgages, said: “We continue to benefit from an increase in the scale of our funding capability and, as a result of the deposit raising capability of Paragon Bank, improved diversity of funding. 

“This has allowed us to continue developing our buy-to-let proposition for landlords and their intermediaries and we now have our most complete and competitively priced range of buy-to-let products. The fact that the pipeline continues to grow demonstrates well that the business has a good platform in place for further development through 2015.”