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Paragon reports strong lending growth and strategic progress

  • Mortgage lending in first nine months up 7% to £1,130 million
  • Mortgage lending in third quarter reaches £409 million
  • Buy-to-let pipeline up £71 million to close at £859 million

Paragon, the specialist banking group, released its Q3 trading update today including performance highlights for the first nine months to 30 June 2018.

The latest update shows a 7% increase in total mortgage lending to £1,130 million for the nine months, including £409 million of new mortgage lending advanced in the third quarter.

Paragon’s mortgage pipeline, which measures new business at application stage that has not yet completed, closed at £859 million after climbing £71 million during the latest quarter.

Best known for its specialist focus on buy-to-let lending, Paragon continues to develop its products and support for complex, professional buy-to-let landlords. It recently launched its portfolio mortgage range to landlords operating in the Scottish market and is also continuing to build its capability in specialist residential mortgages.

Alongside mortgages, Paragon grew commercial lending for the first nine months from £285 million to £449 million. This is in line with the Group’s ambition to diversify its lending and demonstrates further progress in developing its asset, motor and property development finance streams.

Retail savings deposits rose to £4.9 billion at 30 June 2018.

John Heron, Managing Director of Mortgages at Paragon said:

Paragon’s core buy-to-let business continues to see strong demand from professional landlords. Our specialist expertise means that we’re well-positioned to support landlords as they navigate through the fiscal and regulatory changes impacting the sector, with tailored products to cover a wide range of different portfolio types and corporate structures.

23 July 2018

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