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Paragon reports 20 per cent growth despite ‘uncertain economic backdrop’

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  • 23/07/2019
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Paragon reports 20 per cent growth despite ‘uncertain economic backdrop’
Lender Paragon Banking Group increased new lending by 20 per cent to £1.90bn in the nine months to 30 June.

 

The lender said it had grown market share, reporting that complex landlords comprised 89 per cent of completions during the period, up from 76 per cent in 2018.

Buy-to-let lending was particularly strong during the three months to end-June, rising three per cent to £733m, up from £711m the previous quarter.  

Buy-to-let mortgage redemptions were “encouraging”, the company said, at 8.6 per cent, which was a fall of 2.1 percentage points.

“We’ve delivered strong new lending across all our business lines and buy-to-let pipeline has grown despite the uncertain economic backdrop,” said Paragon managing director John Heron (pictured).

“We’re confident of meeting our objectives for the year as we continue to focus on the needs of larger, more complex and specialist landlords,” Heron added.

Retail savings rose to £6.1bn as of 30 June.

The group continued to diversity into commercial lending; asset finance and other specialist lending grew by 58 per cent to £0.71bn compared to the same three months in 2018.

 

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