Buy to Let

Paragon writes £1bn of buy-to-let in nine months

Paragon Mortgages completed just over £1bn of buy-to-let lending in the nine months to June 30.

This represented a slight rise from £990m the year before and was driven by professional landlords and complex portfolios – who made up 70% of transactions.

John Heron (pictured), managing director of Paragon Mortgages, said: “The buy-to-let market has been the subject of repeated fiscal and regulatory intervention in recent times.

Paragon to make portfolio buy-to-let changes from next week

“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.”

Paragon Group’s lending stood at £458m between March and June 2017, up from £166m in the third financial quarter of 2016 after the 3% stamp duty surcharge was introduced in April 2016.

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