View more on these topics

Paragon Group profits 13.4% higher than previous year

The Paragon Group of Companies’ pre-tax profits increased by 13.4% in the six months to March 2012 to reach £44.8m.

Paragon Mortgages’ parent advanced £87.2m of new buy-to-let loans in the period and £2m of further advances were made to existing borrowers, compared with £29.6m of new loans and £2.7m of further advances in the same period last year.

It also completed its first securitisation since 2007, for £163.8m – the first deal consisting solely of buy-to-let loans by any lender in the UK since the credit crisis.

John Heron, managing director of Paragon Mortgages, says: “The first half of the year was successful in terms of the level of applications received for buy-to-let loans, from both new and existing customers, following the introduction of 50 new products launched in January.

“Our strategy for the rest of the year is to generate further buy-to-let business and keep our low level of arrears across all of our loan portfolios.”

Recommended

1

Don’t blame MMR for low lending, says FSA

The Financial Services Authority has dismissed suggestions that the Mortgage Market Review is responsible for a drop in lending levels and a more risk-averse market. Some industry commentators have previously criticised lenders for implementing parts of the MMR before the FSA has introduced its final rules, especially in interest-only lending, where lenders have significantly tightened […]

High street woes propel bridging towards peak

The bridging sector is forecast to hit £1.5bn by the end of the year, although some believe the market is close to its peak. Last week West One Loans claimed the value of the industry has broken the £1bn barrier for the first time and is set to reach £1.5bn by the end of 2012. […]

Frexit & contagion risk in Europe

Many commentators have suggested that the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune’s Rob Burnett discusses the likelihood of this happening. Read more: Important information Investment risks Neptune funds may have a high historic volatility rating and past performance is not a guide for future […]

Newsletter

News and expert analysis straight to your inbox

Sign up