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Paradigm achieves £3.5bn worth of mortgage completions in 2015

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  • 18/01/2016
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Paradigm achieves £3.5bn worth of mortgage completions in 2015
Members of Paradigm Mortgage Services placed £3.45bn of mortgage completions through the distributor in 2015, a rise of 29% compared to a year earlier.

The continued upward trajectory in completions means Paradigm is hoping to reach a target of over £4bn this year.

Buy-to-let transactions accounted for a third of all completions at Paradigm last year, while new-build business contributed to 11% of completions.

This year Paradigm is aiming to increase its buy-to-let business to £1.6bn, up from £1.15bn in 2015.

Bob Hunt, chief executive of Paradigm Mortgage Services (pictured), said the firm was confident it would increase buy-to-let transactions this year, despite uncertainty regarding a raft of tax changes due to be imposed on the sector,

“There are clearly a number of unknowns in terms of how landlords will react to the Stamp Duty changes and the cut to mortgage interest tax relief which kicks in from next year, however we are confident demand will remain strong and that the market will find its new ‘normal’ quite quickly. We are already seeing the sector adapt with greater use of limited company vehicles to house and purchase properties, and we fully anticipate more lenders becoming active in this area,” he said.

According to Paradigm’s results, its average mortgage case size during 2015 stood at £191,500 with an average loan-to-value of 62%.

There are now 915 member firms registered with Paradigm as 179 new members joined over the course of 2015. This year the distributor is seeking to grow membership to over 1,000 directly authorised firms.

The distributor said it will continue to focus on ensuring member firms are ready and prepared for the Mortgage Credit Directive (MCD) which goes live on 21 March.

Hunt added: “Overall, the focus of Paradigm Mortgage Services since our launch in 2007 has been on the quality of our proposition, member firms and relationships, and this will remain the case. Ultimately, our ongoing aims are to continue delivering this quality service and value to our members and lender/provider partners, and this will be the driving force in everything we do.”

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