Paragon Group, the parent company of of Paragon Mortgages, has reported a 9.3 per cent rise in pre-tax profits as buy-to-let lending doubled in the year to 30 September.
The group’s annual results, published this morning, reveal buy-to-let lending totalled £1.33bn during the 12-month period, a 102 per cent increase on the £657m figure recorded the previous year.
New BTL business at Paragon Mortgages was up from £656m last year to £977m this year, while Paragon Bank accounted for £350m of new BTL lending.
The lender also had a £714m pipeline of new business yet to be completed at 30 September, compared with £415m at the same point in 2014.
Paragon director of mortgages John Heron says: “Access to retail markets through Paragon Bank has provided the group with a material diversification of funding.
“This has helped facilitate a step change in buy-to-let lending driven by a significant broadening of our product range and a more consistently competitive position for both large-scale professional landlords and smaller-scale property investors.
“It has been a fantastic year for the group overall and with our acquisition of Five Arrows Leasing through Paragon Bank, there will be more exciting opportunities to come.”