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hero landlord credit profiles

Landlords Consolidate Credit Profiles

Paragon Mortgages’ parent company, The Paragon Group of Companies, has today announced its financial results for the quarter to 31 December 2015.

  • Paragon Group reports 12.3% increase in pre-tax profits
  • New buy-to-let lending up 80.6%
  • Pipeline of new applications totals £595.7 million

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...

John Heron
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.

Paragon Mortgages is a trading style of Paragon Mortgages (2010) Limited (Registered in England No:6595834) and Paragon Bank PLC (Registered in England No:05390593). Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Paragon Bank PLC is registered on the Financial Services Register under the Firm Reference No:604551. Registered office: 51 Homer Road, Solihull, West Midlands B91 3QJ.