Paragon pipelines at record levels

Paragon Mortgages reveals in year end results that high application levels have pushed the number of loans in the pipeline to record levels.

The company says that the net result has been that the business is well positioned for a strong start to the new financial year.

Total advances by September 30 2003 were £781.3m, up 38.6% from the previous year&#39s £563.6m in its end of year results.

The strong results it says are underpinned by PML&#39s success in developing long term relationships with existing borrowers and intermediaries

Credit quality across the PML book also continues to be excellent, with the number of accounts more than three months in arrears at 0.15%, consistently below those for owner-occupied properties.

John Heron, managing director of Paragon Mortgages, says: “The strong performance in 2003 and record pipeline demonstrate that buy-to-let remains very healthy.

“There is still strong demand from tenants, especially as house purchase remains beyond the reach of many prospective first time buyers following the steady rises in property values over the past couple of years.

“Paragon Mortgages&#39 data shows landlord yields stabilising nationally at around 7.60% – for the investor who has the right approach and the right skills, buy-to-let remains an attractive proposition.”