One of Britain’s best known specialist buy to let mortgage companies, Paragon, has revealed a startling 102 per cent increase in the volume of lending in the past year.
Releasing its figures for the year end on September 30, the Paragon Group of Companies says its underlying profits are up 10.2 per cent but the eye-opening data concerns its buy to let lending in the 12 month period under review.
BTL lending totalled £1.33 billion – representing a 102 per cent increase on the previous year’s total of £656.6m.
The pipeline of new applications further demonstrated the growth in business and at September 30 stood at £713.7 million – up 72.1 per cent compared with the same period last year.
“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” says John Heron, Paragon’s director of mortgages.