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Paragon ready to expand outside BTL

Paragon Mortgages is considering entering new markets to expand on its current buy-to-let offering.

The lender, which only provides buy-to-let products on its first-charge book although it also offers secured loans, says there are opportunities in the wider market to explore, adding that is has the capability to launch new products in a short timeframe. Paragon says a launch is not imminent but it is keeping its “ear close to ground”.

Managing director John Heron says: “We want to examine every opportunity available to Paragon to extend our presence in the mortgage market generally. BTL remains fundamentally important because it has delivered fabulous balance between quality and we remain interested in any other sector that gives us that.

“It is obvious that the mortgage market is still developing and there are opportunities in both the niche and mainstream markets that may not have been there six or 12 months ago and being alert to that is important. One of our key strengths is that we can move fast when we want to do something.”

Pink Home Loans executive team head David Copland says: “Paragon has an extremely good business model but BTL is limited so I am not surprised it may be branching out. I would expect it look at more margin business such as the adverse sector.”

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