Paragon Bank increased buy to let lending to landlords by 33.9 per cent to £1.61 billion in its last financial year, the company says.
Paragon’s BTL pipeline at the close of the period stood at £1.01 billion, up from £868m recorded in 2020. The net loan book grew 7.9 per cent to £11.4 billion.
Richard Rowntree, Paragon Bank Director of Mortgages, says: “We enjoyed a very strong 2021 thanks to our landlord customers expanding their portfolios to meet record levels of tenant demand. Our buy to let completions were up significantly on the previous year, bringing much-needed new housing into the private rented sector.
“The Stamp Duty holiday clearly helped drive transactions, but I believe a more fundamental shift in how and where we want to live underpinned business levels. The pandemic unlocked a generation of homemovers in both the owner-occupied and rented space.”
He adds: “A key highlight for me during the year was the launch of our green proposition. Upgrading the energy efficiency of the private rented sector will be a difficult challenge, but one Paragon is committed to playing a role in. We will continue to innovate in this space to help our customers invest in more energy efficient homes, as well as upgrade existing stock.”
The Paragon Banking Group reported a 61.8 per cent increase in pre-tax profits to £194.2m for the full-year.
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