fbpx

Paradigm members place £3.45bn in 2015

Ryan Bembridge

January 18, 2016

Paradigm Mortgage Services members placed £3.45bn of mortgages in 2015 – and the distributor wants to break the £4bn barrier in 2016.

This marked an increase of 29% from £2.67bn in 2014, with a third of business coming from buy-to-let and 11% from new build.

Paradigm member firms grew by 179 to 915 in 2015.

Bob Hunt, its chief executive, set a target of more than £4bn of completions in 2016.

He said: “2015 was another strong year for Paradigm, particularly in the mortgage sector where we crossed the £3bn mark by some margin.

“The upward trajectory of our mortgage completion figures is therefore very pleasing and it means we are targeting £4bn-plus in 2016.”

Paradigm expressed confidence in the state of buy-to-let, as it targeted increasing its buy-to-let completions from £1.15bn in 2015 to £1.6bn in 2016.

Hunt added: “While there may be a degree of uncertainty about how this market will play out in 2016, we are confident we will increase our numbers in this space.

“There are clearly a number of unknowns in terms of how landlords will react to the stamp duty changes and the cut to mortgage interest tax relief which kicks in from next year, however we are confident demand will remain strong and that the market will find its new ‘normal’ quite quickly.

“We are already seeing the sector adapt with greater use of limited company vehicles to house and purchase properties, and we fully anticipate more lenders becoming active in this area.”

In 2015 Paradigm’s average mortgage case was worth £191,500 with an average loan-to-value of 62%.


Sign up to our daily email