Paragon Banking Group has reported a 41% increase in new lending across all business lines in the last quarter of 2018.
With a total of £661 million of new lending, Paragon’s mortgage lending grew by 22% to £449 million, with buy-to-let advances up 24% to £425 million.
The company’s landlord business also saw 88% of completions from complex landlords, including those operating through incorporated structures.
Between October and December 2018, Paragon’s buy-to-let lending pipeline was £729 million, an increase of 18% compared with the same point last year.
What’s more, Paragon’s acquisitions delivered on growth potential to achieve a 105% increase in lending to £212 million, compared to £103 million in the same quarter last year.
Its deposit raising continues to form the foundation of its funding programme, with savings balances exceeding £5.6 billion at the quarter end.
“The Group has started the year well, delivering strong growth across all our core business lines,” said John Heron, managing director of Mortgages at Paragon.
“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.”
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