Paragon BTL business surges 90.5%

Paragon Mortgages completed £359.8m of buy-to-let business in the 12 months to the end of September, 90.5 per cent more than the £188.9m completed the year before.

Announcing its year-end results last week, the specialist lender’s parent company, Paragon Group of Companies, also said it is making “good progress” in its application to gain a banking licence.

The group made a pre-tax profit of £105.4m for the year ending 30 September, up 10.4 per cent on the £95.5m profit a year earlier.

The proportion of loans in arrears of three months or more stood at 0.48 per cent at the end of September 2012 falling to 0.35 per cent at the end of September this year. The Council of Mortgage Lenders’ average is 1.16 per.