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First quarter mortgage lending shows strong growth

  • Q1 2019 mortgage lending up 22% to £449 million (Q1 2018: £367 million)
  • Specialist and professional landlord business now 88% of completions
  • Lending pipeline reaches £729 million

Paragon Banking Group today reported a 41% increase in new lending across all business lines to deliver £661 million of new lending in the first quarter of 2019.

Within this total, Paragon’s mortgage lending grew by 22% to £449 million, with buy-to-let advances up 24% to £425 million.

Paragon’s experience and capability enabled it to increase its share of more specialist, professional landlord business with 88% of completions from complex landlords, including those operating through incorporated structures.

At the end of December, Paragon’s buy-to-let lending pipeline was £729 million, an increase of 18% compared with the same point last year.

Paragon also demonstrated strong progress in its Commercial Lending division with its acquisitions delivering on growth potential, to achieve a 105% increase in lending to £212 million, compared to £103 million in the same quarter last year.

Paragon’s deposit raising continues to form the foundation of its funding programme, with savings balances exceeding £5.6 billion at the quarter end.

John Heron, Managing Director of Mortgages at Paragon said:

“The Group has started the year well, delivering strong growth across all our core business lines. Our buy-to-let mortgage capability continues to go from strength to strength as we expand our specialist proposition to meet the needs of larger scale landlords with more complex portfolios.”

28 January 2019

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551