Paragon’s total mortgage lending rises by 7%

Michael Lloyd

July 23, 2018

Paragon’s total mortgage lending rose by 7% to £1.13bn for the nine months to 30 June 2018, including £409m of new mortgage lending advanced in the third quarter, its Q3 trading update showed.

Paragon’s mortgage pipeline, which measures new business at application stage that has not yet completed, closed at £859m after climbing £71m during the latest quarter.

John Heron, managing director of mortgages at Paragon said: “Paragon’s core buy-to-let business continues to see strong demand from professional landlords.

“Our specialist expertise means that we’re well-positioned to support landlords as they navigate through the fiscal and regulatory changes impacting the sector, with tailored products to cover a wide range of different portfolio types and corporate structures.”

Best known for its specialist focus on buy-to-let lending, Paragon continues to develop its products and support for complex, professional buy-to-let landlords.

Alongside mortgages, Paragon grew commercial lending for the first nine months from £285m to £449m. This is in line with the group’s ambition to diversify its lending and demonstrates further progress in developing its asset, motor and property development finance streams.

Retail savings deposits rose to £4.9bn at 30 June 2018.

It recently launched its portfolio mortgage range to landlords operating in the Scottish market and is also continuing to build its capability in specialist residential mortgages.

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