Mortgage News
Paragon Group posts pre-tax profit
Paragon Mortgages’ parent company, the Paragon Group of Companies, Paragon Mortgages’ parent company, has posted a pre-tax profit of £54.3m in its preliminary results for the year ending 30 September 2009.
The group, which posted a pre-tax profit of £53.7m at the corresponding period last year, said it was on a sound financial footing. It added that redemption rates were low and arrears fell during the year.
John Heron, managing director of Paragon Mortgages, said it would continue to explore all avenues to secure funding to enable the group to resume new lending.
He said: “While these are still early days, we have been encouraged by recent developments in the securitisation markets. Landlords are reporting strong levels of tenant demand and a recent report from the Royal Institution of Chartered Surveyors confirmed that buyer enquiries from buy to- let investors are increasing.”
“We continue to develop our ancillary range of products for landlords, letting agents and brokers, including landlord insurance, tenant assessments and energy performance certificates, and are well placed to return to new lending once funding markets return to normality,” Heron added.
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