Paragon Group reports Buy-to-let lending reaches £1.0 billion for first nine months of the year
The Paragon Group of Companies, the parent company of Paragon Mortgages, yesterday 26th July 2017 released its Q3 trading update for the nine months to 30 June 2017.
Buy-to-let lending reaches £1.0 billion for first nine months of the year
Professional landlords and complex portfolios now 70% of mortgage applications
PRA Phase 2 changes for portfolio landlords in place ahead of regulatory deadline
Buy-to-let lending between March and June 2017 was particularly strong at £458 million, compared with £166 million in the third quarter of 2016 which followed the increase in stamp duty for buy-to-let purchases.
Nigel Terrington, Paragon’s Chief Executive said:
“I am pleased with the Group’s performance for the year to date. Our strong capital and funding resources provide the foundations for further growth alongside returning additional sums to shareholders via the enhanced buy-back programme. Our new business streams continue to develop well and the increasingly complex focus in buy-to-let demand is also supporting absolute growth and market share gains for Paragon. The Group is well-placed for the next phase of PRA underwriting rule changes, which will provide Paragon with a further competitive advantage”.
John Heron, Managing Director, Paragon Mortgages, said:
“The buy-to-let market has been the subject of repeated fiscal and regulatory intervention in recent times. This is changing the nature of buy-to-let and what we are seeing emerge is a more specialist market with a marked increase in more complex, professional landlord business. This is very well aligned with Paragon’s experience and capability as underlined by today’s strong trading figures and by our early implementation of phase two of the PRA’s regulatory requirements for buy-to-let”.
Read the Paragon Group Q3 trading update in full click here
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