Paragon’s specialist portfolio buy-to-let lending grew during the first half of its financial year, the company has announced.
Specialist buy-to-let lending was 1.5% higher during the six months to 31 March 2020 at £694.6m, with pre-tax profits for the period stood at £57.1m.
But other mortgage business dropped from £140.8m to £98.2m, as Paragon continued its strategy of reducing amateur buy-to-let business.
Some 93% of Paragon’s mortgage pipeline, which at the end of the period stood at £789.8m, is classed as specialist professional buy-to-let activity.
Richard Rowntree, Paragon’s managing director of mortgages, said: “We continued our focus on specialist buy-to-let business during the period, which is reflected in today’s results.
“We believe that larger-scale, professional landlords will fuel the future growth of the private rented sector and we are well-positioned to serve that market.”