Paragon Mortgages’ parent company, The Paragon Group of Companies, has today announced its financial results for the quarter to 31 December 2015.
The Group reported pre-tax profits of £33.9 million, a 12.3% increase on the same time period last year (Q1 2015: £30.2 million).
Paragon Mortgages had a strong quarter, with an 80.6% increase in new buy-to-let lending totalling £400.9 million for the period. The pipeline of applications as of the 31 December 2015 stood at £595.7 million, 43% higher than at the same point in 2014.
John Heron, Director of Paragon 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.
During the period the Group also completed its acquisition of Five Arrows Leasing and has now re-branded the business to Paragon Bank Asset Finance.