Mortgages  

Paradigm aims to grow membership to 1,000 DA firms

Paradigm aims to grow membership to 1,000 DA firms

Paradigm Mortgage Services has seen a 29 per cent increase in mortgage activity in 2015, with £3.45bn completions by members.

Bob Hunt, chief executive of the Midlands-based mortgage broker, said: “The ongoing improvement in our performance came off the back of £2.67bn of mortgage completions in 2014, an increase of 44 per cent on 2013.”

The buy-to-let sector accounted for £1.15bn of business while new-build business accounted for 11 per cent, according to the firm.

He said: “Significantly, a third of our completions came in the buy-to-let sector, and while there may be a degree of uncertainty about how this market will play out in 2016, we are confident we will increase our numbers in this space.”

Mr Hunt said Paradigm is targeting an increase in buy-to-let business from £1.15bn in 2015 to £1.6bn in 2016.

He said: “We are already seeing the sector adapt with greater use of limited company vehicles to house and purchase properties, and we fully anticipate more lenders becoming active in this area.”

Paradigm said it was targeting a total of £4bn-plus of business in 2016.

Paradigm’s average mortgage case size during 2015 was £191,500 and the average LTV was 62 per cent.

The number of Paradigm member firms now stands at 915 with 179 new members joining in 2015.

By the end of 2016, Mr Hunt said Paradigm was aiming to increase membership to 1,000 directly authorised firms.

Earlier this month, Paradigm Group purchased a 50 per cent stake in software service provider Adviser Cloud for an undisclosed sum as part of a move to develop “compelling financial products and technology” to the advice market.

Adviser Cloud’s web-based software will be offered with integrated links to Paradigm’s full range of investment offerings.

Paradigm Mortgage Services is an associated business of Paradigm Partners, the IFA support firm established by Paul Hogarth.

Set up in 2007, the group, which is headquartered in Cheshire, now provides support services to more than 900 firms.