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Paragon sees significant increase in specialist buy-to-let business

Paragon has reported a sharp rise in specialist landlord business, according to its full year result. 

The mortgage lender has seen specialist landlord business increase from 79% to 89% of buy-to-let mortgage completions. 

There was also growth in specialist business in the buy-to-let pipeline, from 88% to 91%, which is owed in part to the fact that Paragon has more recently focussed on landlords operating in corporate structures and with larger portfolios.

Buy-to-let lending overall remains stable year-on-year at £1.48bn compared to £1.495bn in 2018, with a 17% increase in the pipeline of business in progress at year-end to £912m.

Paragon also recorded a 9% jump in total new lending across the group to £2.5bn and a 5% increase in underlying profit before tax from £157m last year to £164m this year.

John Heron, managing director of mortgages at Paragon, commented: “Paragon’s deep expertise in buy-to-let means we are now one of a small number of specialist lenders offering solutions for the more complex requirements of the professional portfolio landlord community.

“Following tax and regulatory changes, professional landlords increasingly comprise the core investors in the UK’s private rented sector and we continue to support them and our intermediaries with enhanced service and tailored products specially designed to meet their needs.”

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