Buy to Let growth drives Paragon Profits

Paragon Group has reported an 18% increase in profit before tax to £95.5m.

The lender has stated that an increase in profits is the result of a good quality portfolio of clients and low arrears rate, in addition to the way in which the business has developed its lending proposal in recent times.

During 2012, Paragon’s buy-to-let lending increased by 45% to £184.3 million advanced compared to £127.0 million in 2011.

A further £4.6 million of loans were made to existing borrowers in respect of further advances which took a slight dip from 2011 figures of £5.8 million.

The total value of completions under the group’s new products since the recommencement of new lending in October 2010 now stands at £311.3 million.

Paragon has an interesting and competitive range of Buy to Let mortgages, including products designed specifically for HMO lending. Under the Mortgage Trust banner, Paragon will also consider applications for BTL remortgage in less than 6 months from purchase, which is an unusual niche for an ‘off the shelf’ mortgage product range.

To find out more BTL mortgage options, please contact Howard Bowes from Harvey Bowes mortgages on 029 2115 6918

 Your property may be repossessed if you do not keep up repayments on your mortgage

About harveybowes
Mortgage Broker and founding Director of Harvey Bowes Limited. A mortgage broking practice with bases in Cardiff & Poole, UK. We take a fresh and positive approach to mortgage broking which pays dividends for both our clients and frankly, ourselves. The team at Harvey Bowes are expert advisors in all aspects of mortgages from residential to commercial and buy to let.

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