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Paragon buoyant after buy-to-let business boost

Paragon Mortgages saw gross new buy-to-let lending soar by 47 per cent to £563m in the year to September from £381m in the previous year.

Net mortgage assets outstanding leapt from £1bn to £1.4bn.

Paragon says 80 per cent of its borrowers are professional buy-to-let landlords and says the expansion of its book has been boosted by the expansion of portfolios of existing customers.

It says its credit standard has improved, with a fall in the number of accounts in arrears over the last year. The lender rejects industry speculation that the buy-to-let market is approaching saturation and says its customers are happy to extend their portfolios.

Paragon managing director John Heron says: “It has been a most successful year in terms of new business growth and for the increase of net assets outstanding. As well as demonstrating the success of Paragon Mortgages, our results underline the strength of the buy-to-let sector. Our regular surveys show that our borrowers are financially astute people who want to increase their interest in residential investment property.

“The success of the business, the confidence expressed by the increases in portfolio size among so many of our borrowers and their high credit quality all demonstrate that buy to let is a growth sector both for the mortgage market and the property market.”

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