Paragon Banking Group has reported a 41% increase in new lending across all business lines to deliver £661 million of new lending in the first quarter of 2019.
Mortgage lending grew by 22% to £449 million, with buy-to-let advances up 24% to £425 million.
Paragon increased its share of more specialist, professional landlord business with 88% of completions from complex landlords, including those operating through incorporated structures.
At the end of December, Paragon’s buy-to-let lending pipeline was £729 million, an increase of 18% compared with the same point last year.
In its commercial lending division, 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.
Paragon’s deposit raising continues to form the foundation of its funding programme, with savings balances exceeding £5.6 billion at the quarter end.
John Heron (pictured), managing director of mortgages at Paragon, said: “The Group has started the year well, delivering strong growth across all our core business lines. 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.”
