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Paragon sees 45% jump in buy-to-let lending

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    Paragon Mortgages has seen its buy-to-let lending jump 45 per cent to £184.3m for the 12 months to the end of September.

    In is annual results, published today (20 November), Paragon also reported an 18 per cent increase to pre-tax profit to £95.5m for the year.

    Paragon said the results reflect development over the last 12 months including re-establishing the buy-to-let origination franchise, the signing of two warehouse facilities and two securitisations since the credit crunch. Total warehouse funding facilities increased to £450m in this period.

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    Furthermore, following the publication of the Financial Services Authority’s Mortgage Market Review, the group said it is “well-placed” to comply with the proposed changes in the regulatory framework.

    However, it warned that the European Commission’s proposed directive on credit agreements relating to residential property, which may impose additional disclosure and other requirements for all mortgage lending to consumers secured on residential property, has yet to be concluded.

    It remains “unclear” to what extent these obligations will apply to buy-to-let lending, the company said.

    John Heron, managing director of Paragon Mortgages, said: “Our focus for this past year has been to grow the buy-to-let business and increase funding capacity. This has been successfully achieved.

    “Buy-to-let is the only area of the mortgage market that is growing at a healthy and sustainable level. We have a strong capital base and are well-funded which gives us a platform on which to grow our buy-to-let lending through our Paragon Mortgages and Mortgage Trust brands.”

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