Paragon buy-to-let lending up 94pc

The lender enjoyed a strong quarter, making £187m completions from 1 April to 30 June.

Paragon Group recorded operating profits of £88.3m in the nine months to June, compared to £75.7m the previous year.

John Heron, managing director of Paragon Mortgages, said: “The last quarter was very successful for the mortgage business and the wider group. The buy-to-let business continues to grow, and the credit quality remains outstanding.

“The three month plus arrears rate has also reduced from 0.30% at 31 March 2014, to 0.28% at the end of June. This compares very favourably with the market level of buy-to-let arrears which according to CML data was 0.95% at the end of Q1 2014.”

The pipeline of applications at the end of the period totalled £349.8m.

Earlier this month Paragon completed its 58th securitisation transaction, Paragon Mortgages No.20, taking the total lent to £953m over the last 12 months.