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Paragon's lending to buy-to-let landlords shoots up

Paragon's lending to buy-to-let landlords shoots up

Lending by Paragon Mortgages to buy-to-let landlords rose to £102.3m in the six months to the end of March.

The figure was up 14.6% on the £89.2m lent over the same period the year before, said parent company Paragon Group in its half-year results. Its pipeline business of £241.2m as at the end of March, was up 134% on the £103m of a year earlier, and had more than doubled over the final three months.

Director of mortgages John Heron says Paragon expects to grow its lending more over the coming months.

Paragon Group made a pre-tax profit of £49.1m in the six months to the end of March, up 9.6% on the £44.8m of a year earlier.

The company also said it still has ambitions to hold a banking licence. Further progress will be reported to shareholders in due course.