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Paragon reports mortgage lending up 7%

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  • 23/07/2018
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Paragon reports mortgage lending up 7%
Paragon Bank’s mortgage lending grew by 7% year-on-year in the nine months to the end of the June.  

 

The specialist bank reported lending of £1.13bn over the period, with £409m advanced in the third quarter, up from £1.05bn during the same nine-month period last year. And the lender’s mortgage pipeline hit £859m over the nine months.

According to UK Finance figures released last week, Paragon was one of the fastest growing lenders in the market in 2017, increasing its volume by 78%.

Paragon said its buy-to-let lending over the year to date focused on professional landlord business.

The bank recently launched its portfolio mortgage range to landlords operating in the Scottish market and said it is also continuing to build its capability in specialist residential mortgages.

Alongside mortgages, Paragon grew commercial lending for the first nine months from £285m to £449m.

This follows the group’s ambition to diversify lending and developing its asset, motor and property development finance streams.

Retail savings deposits rose to £4.9bn at 30 June 2018.

 

Professional landlord demand

John Heron, managing director of mortgages at Paragon (pictured), said: “Paragon’s core buy-to-let business continues to see strong demand from professional landlords.

“Our specialist expertise means that we’re well-positioned to support landlords as they navigate through the fiscal and regulatory changes impacting the sector, with tailored products to cover a wide range of different portfolio types and corporate structures.”

Chief executive Nigel Terrington added: “The group continues to make strong progress towards its objective of being a leading specialist bank.

“The core buy-to-let business continues to see strong demand from professional landlords and the addition of Titlestone is expected to accelerate the growth of our commercial lending arm.

“We remain on track to achieve our 2018 targets and the business is well-placed to make further strong progress in 2019.”

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