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Paragon sees growth in specialist buy-to-let business

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. 

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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.” 

 

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