Buy-to-let success continues for Paragon

Specialising in the sector, Paragon has reported a 47.7% uplift in gross new buy-to-let lending for the year ended 30th September 2002. Total gross new lending was £563.6 million this year, against £381.6 million for the previous year.

Net mortgage assets outstanding rose by 36.2% to £1,406.2 million, against £1,032.2 million for the previous year. Paragon reports that 80% of its borrowers are professional buy-to-let landlords and attributes its success this year again as much to the expansion of portfolios by existing customers as being due to the numbers of new customers.

Commenting on the move, John Heron, managing director of Paragon Mortgages, said: “It has been a most successful year in terms of new business growth and for the increase of net assets outstanding. As well as demonstrating the success of Paragon Mortgages, our results underline the strength of the buy-to-let sector.”