Paragon Bank mortgage business busiest for a decade

Mortgage Introducer

July 30, 2021

The quarter to June saw Paragon Bank experience its busiest quarter in over a decade as its mortgages division generated new advances of £485.4m, its latest trading update has shown. 

Mortgage advances were also increased by 17% over the past 12 months whilst its buy-to-let pipeline was up 39% on June 2020 levels.

The commercial lending division has also maintained momentum with the pipeline for development finance totalling £386m.

Looking ahead the Bank expects lending volumes for the mortgage division to be above £1.5bn and £900m for the commercial division.

Nigel Terrington, chief executive of Paragon Bank, said: “These results demonstrate a continuation of the strong momentum we have in the business.

“The high level of new originations in the current operating environment is testament to the resilience, capabilities and efficiency of our business model and people.

“We are excited about the prospects for the Group which build from the specialist understanding of our markets and customers and our strong capital foundations.”

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