Paragon Banking Group has reported another quarter of strong growth. The latest update shows a total of £1.9bn of new lending across all business lines in the nine months to 30 June 2019.
This represents a 20% increase on the previous year. Within this total, Paragon’s mortgage lending grew from £1.13bn to £1.19bn.
Paragon’s specialist focus on professional landlords enabled it to increase its share of the market, with 89% of completions being from complex landlords, compared to 76% in 2018. It was a particularly strong quarter for buy-to-let, with the new business pipeline reaching £733m, up from £711m in the previous quarter. Annualised buy-to-let redemptions continue to be encouraging at 8.6%, down 2.1 percentage points from the previous year.
Paragon’s retail savings deposits rose to £6.1bn at the quarter end. John Heron, managing director of Mortgages at Paragon, said: “Paragon is performing well. We have delivered strong new lending across all our business lines and the buy-to-let pipeline has grown despite the uncertain economic backdrop. We’re confident of meeting our objectives for the year as we continue to focus on the needs of larger, more complex and specialist landlords.”