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Paragon reports 65% increase in buy-to-let lending

Paragon Mortgages grew buy-to-let lending by 65.7 per cent in the six months ending 31 March 2015.

Its half-yearly results show it lent £446.2m in the period to the end of March, up from £269m over the same period in 2014.

The lender says it had a pipeline of £701.4m at the end of March – a 101.5 per cent increase on the same period a year earlier.

The group’s pre-tax profits hit £62.6m – up 7.6 per cent on the £58.2m reported a year earlier.

Managing director of mortgages John Heron says: “It has been a fantastic start to the year for our mortgage business and we are very well placed for the months ahead.

“We have seen a marked increase in our application levels as a result of Paragon delivering a broader and more competitive proposition to the buy-to-let market. This has been fuelled by the success of our strategy to expand and diversify our funding capability.”

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