Paragon Mortgages increased its buy-to-let lending by 80.6% in the fourth quarter of 2015 year-on-year to £400.9m.
Paragon Mortgages has increased its new buy-to-let business by 80.6% in the fourth quarter of 2015 year-on-year– with lending reaching £400.9m.
As of the 31 December 2015 the pipeline of applications was 43% higher than the year before at £595.7m.
The group has reported pre-tax profits of £33.9m – a 12.3% increase on the £30.2m recorded in the first quarter of 2015.
John Heron, director of mortgages, said: “Our buy-to-let business has continued to grow and perform exceptionally well.
“Whilst over time recent policy developments may cause some softening in the rate of growth of buy-to-let at a market level, demand for private rented housing continues to remain strong and all indications suggest this is only likely to increase in the coming years.”
In the fourth quarter the group completed its acquisition of asset finance business Five Arrows Leasing and rebranded to Paragon Bank Asset Finance.
