Paragon doubles new BTL lending in H1

During the period new buy-to-let lending reached £823.6 million, compared to £446.2 million at the half-year point in 2015.
 
John Heron, Managing Director of Paragon Mortgages, said: “We have had a very good first half, with strong new lending volumes whilst maintaining our high underwriting standards and strong credit profile.

“Demand for private rented property remains strong regardless of the significant policy developments we have seen in recent months. The PRA proposals, currently in consultation, will introduce a level of discipline to the market that we welcome and in particular require that more complex business is subject to an appropriately robust commercial assessment, similar to that which Paragon already applies to more complex business. Paragon is therefore well positioned to deliver solutions for landlords through a period of significant change in the market.
 
“We have every confidence in the buy-to-let market, with tenant demand continuing to remain high and in some areas increasing, the PRS will remain a fundamental part of the UK’s housing market now and in the future.”