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FY results hero

Paragon Mortgages Report Growth in Profits

Paragon Mortgages’ parent company, the Paragon Group of Companies, has today released its financial results for the year ended 30 September 2016.

The Group reported a strong performance across all its business lines, contributing to a 9.1% increase in underlying profits totalling £146.9 million for the period (2015: £134.7 million).

John Heron, Director of Paragon Mortgages, said...

John Heron
This was very much a year of two halves for buy-to-let with very strong completion levels being seen in the run up to the stamp duty increase in April followed by a commensurate reduction in activity levels across the market from April.

However, our pipeline of new business is now gathering momentum with an increase of approaching 20% in October. Much of this is due to the success of Paragon Bank in providing us with diversified funding allowing us to deliver a series of competitive products which is driving an increase in application volumes.

In particular we are seeing an improvement in the professional landlord segment of the market, a sector we are well positioned to satisfy given our extensive experience of meeting their individual requirements.

Whilst the buy-to-let market has had a challenging year, we continue to see the potential the sector has to offer. With strong rental demand, there will continue to be a growing need for professional landlords to provide quality, private rental accommodation and, with our 20 years’ experience in the market, we remain very well-positioned to work with these landlords.
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.