BTL lending up 80% according to Paragon
Paragon Mortgages has reported an 80.6% increase in new buy-to-let lending, totalling Â£400.9 million in Q4.
The pipeline of applications as of the 31 December 2015 stood at £595.7 million, 43% higher than at the same point in 2014.
The Paragon Group of Companies reported pre-tax profits of £33.9 million, a 12.3% increase on the same time period last year.
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.
John Heron, Director of 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.”