In the next couple of months Paragon Mortgages has predicted a doubling of buy to let mortgage business.
The prediction came along with the announcement of a 10% rise in half year pre-tax profits for the company’s parent The Paragon Group of Companies PLC. This was on the back of a 15% rise in buy to let lending that looks set to continue.
‘The pipeline of new business is very healthy at £241.2m’, said director John Heron. This represents more than a doubling of expected future business in the three months to the end of March, he confirmed.
‘We are continuing to see growth in the buy to market as demand from landlords increased, tenant demand remains strong and levels of optimism stay high.’
‘Since the beginning of January we have successfully launched 42 limited edition products through our Mortgage Trust brand which has generated significant business due to market-leading rates.’
‘We are expecting to see a significant increase in loan completions in the second half of the financial year following such a successful period, as the benefit of this increase in lending activity comes through.’
The company announced pre-tax profits of £49.1 million, an increase from £44.8 million at the same time last year.
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