Paragon reports record high in repayment mortgages

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Paragon reports record high in repayment mortgages

Wed 11th May 2011

Paragon Mortgages has reported the highest ever proportion of repayment mortgages taken out in the first quarter of 2011.

The company's Financial Advisor Confidence Tracking (FACT) Index found that 77 per cent of residential deals arranged between January and March were capital remortgage payments.

Figures accumulated through a panel survey of approximately 200 intermediaries revealed a six per cent increase from the final quarter of 2010.

Further research from Paragon found that the average number of mortgages introduced per office was 15.7 during the first three months of 2011, compared with 14.7 in December last year.

Managing director of the mortgage lender John Heron said: "The Financial Services Authority signalled the demise of interest-only through changes proposed in the Mortgage Market Review and it appears that lenders are positioning their businesses in anticipation of regulatory changes."

The company recently reported that 46 per cent of mortgage intermediaries saw an increase in buy-to-let business between January and March 2011.

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