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Paragon reports 20% increase in new lending

Sam Monk | 15:54 Tuesday 23rd July 2019

Paragon Banking Group has revealed that its mortgage lending has increased to £1.19bn.

The specialist bank’s latest update revealed that there was £1.9bn of new lending across all business lines in the nine months to 30th June 2019, a 20% increase on the previous year.

Some 89% of Paragon’s BTL completions were from complex landlords, compared with the 76% recorded in 2018.

Regarding BTL, the new business pipeline reached £733m in the quarter, up from the £711m registered in the previous quarter.

Annualised BTL redemptions were 8.6%, down 2.1 percentage points compared with the previous year.

John Heron, managing director of mortgages at Paragon (pictured above), said: “We have delivered strong new lending across all our business lines and the BTL pipeline has grown despite the uncertain economic backdrop.

“We’re confident of meeting our objectives for the year as we continue to focus on the needs of larger, more complex and specialist landlords.”

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