Paragon Bank the specialist lender has revealed that it has grown its specialist buy-to-let mortgages business by 1.5% over the first half of its financial year.
Richard Rowntree, Paragon managing director of mortgages, said: “We continued our focus on specialist buy-to-let business during the period, which is reflected in today’s results.
“We believe that larger-scale, professional landlords will fuel the future growth of the private rented sector and we are well-positioned to serve that market.
“We have remained active during the lockdown period, supporting our customers and quickly adapting to the challenging conditions. We have recommenced physical property valuations and received an upsurge in visits to our Intermediary Portal in the period after the housing market reopened in May, suggesting pent-up demands from landlords.”
Matt Lenzie founder of Comercial Mortgages Broker said: “Paragon has clearly realigned itself with the professional mortgage market, reducing the risks involved with inexperienced investors. This should help their balance sheet as we move through a more tricky trading environment, so they appear to have made the right move for the environment. Its good to see the numbers are strong!”