Paragon Mortgages ended last year with a £222.5 million pipeline of buy to let mortgage applications and offers.
The specialist buy to let lender reported business was booming and profits up at the end of December.
While profits rose from £23.7 million to £26.9 million for the year, arrears dropped from 0.41% to 0.31% – which is significantly lower than the average 1.16% across the market reported by trade body the Council of Mortgage Lenders.
Managing director John Heron said: “We have had a fantastic start to the year with a marked step-up in buy-to-let business compared to a year earlier.
“The credit quality of the business written continues to be of high quality and arrears across the whole book have fallen again.
“Our landlords remain very optimistic about the rental market and have indicated that they intend to continue to grow their portfolios to meet the demands of tenants for quality rented accommodation.
“We continue to work on innovative products and improved means of delivery to facilitate this growth, and expect to remain very busy through the spring.”
Keystone unlocks new landlord loans
Buy to let lender Keystone is offering landlords two new ranges of mortgage deals.
The Classic range has fixed and tracker loans up to 80% loan-to-value for landlords seeking to borrow up to £400,000 and 75% loan-to-value for loans up to £600,000.
Properties for mortgages include buy...
to let, managed flats and shared houses in multiple occupation (HMOs).
The Premier mortgage range is for loans between £600,000 and £1 million at 70% loan to value.
Director David Whittaker said: “The increase in LTV and loan amounts has been made in direct response to feedback from landlords in London and the South East where property prices are, on average, considerably higher than elsewhere.
New buy to let lender to launch
Former senior Barclays banker is understood to be about to open a new commercial and buy to let mortgage lender.
OakNorth is awaiting a banking licence.
Richard Davies, formerly Barclays global corporates managing director.
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