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Paragon increases lending by 85%

John Heron

Paragon Mortgages increased its lending 84.5 per cent year-on-year in the first six months of 2016.

The buy-to-let specialist lent £823.6m in the first half of the year, compared with £446.2m in the same period of 2015.

It says the increase was down, in part, to an increase in activity as landlords looked to beat the 1 April stamp duty deadline.

The Paragon group reported a 12.5 per cent increase in profits, from £63.9m to £71.9m.

Paragon Mortgages managing director John Heron says: “We have had a very good first half, with strong new lending volumes whilst maintaining our high underwriting standards and strong credit profile.

“Demand for private rented property remains strong regardless of the significant policy developments we have seen in recent months. The Prudential Regulation Authority’s proposals, currently in consultation, will introduce a level of discipline to the market that we welcome and in particular require that more complex business is subject to an appropriately robust commercial assessment, similar to that which Paragon already applies to more complex business. Paragon is therefore well positioned to deliver solutions for landlords through a period of significant change in the market.

“We have every confidence in the buy-to-let market, with tenant demand continuing to remain high and in some areas increasing, the PRS will remain a fundamental part of the UK’s housing market now and in the future.”


John Heron

Paragon tweaks criteria for limited company landlords

Paragon Mortgages is changing its lending criteria for limited company landlords following government tax relief tweaks. The buy-to-let mortgage provider is removing its exclusivity borrowing restriction for limited company landlords. The changes will let Paragon’s limited company landlords deal with other lenders. Paragon director of mortgages John Heron says: “We know from our latest research […]

John Heron

Paragon starts accepting consumer B2L customers

Paragon Mortgages now accepts applications for consumer buy-to-let via its sister brand Mortgage Trust. All existing products in the Mortgage Trust range will be available to consumer buy-to-let customers now – 4 days ahead of the launch of the Mortgage Credit Directive. However, Paragon will only accept consumer buy-to-let applications from intermediaries who are fully […]


Paragon updates buy-to-let product range

Paragon Mortgages has updated its buy-to-let products range. New products in the range include a two year fixed rate at 3.65 per cent with a 1.5 per cent product fee at 75 per cent LTV. Paragon’s buy-to-let range also includes a five year fixed rate at 4.49 per cent with a £995 fee at 75 […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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