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Paragon Mortgages reports 58% spike in lending

Buy-to-let specialist Paragon Mortgages has reported 58 per cent growth in lending in the final three months of 2014.

The lender advanced £222m between 1 October and 31 December last year, up from £140m in the same period a year earlier.

Parent company Paragon Group generated operating profits of £30.9m during that period, up 14.9 per cent from £26.9m in the final quarter of 2013.

The company has also grown its new business pipeline to £416.7m as at 31 December, up 87 per cent from £222.5m 12 months earlier.

Paragon Mortgages managing director John Heron says: “We continue to benefit from an increase in the scale of our funding capability and, as a result of the deposit-raising capability of Paragon Bank, improved diversity of funding.

“This has allowed us to continue developing our proposition for landlords and their intermediaries.”

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