Leading Buy to Let Mortgage provider Paragon have announced its results for the first half of the year. The results reported on a strong start to the year with profits increasing by 13.4% to £44.8m up to 31st March.

Highlights from the results include:

• Profits before tax increased by 13.4% to £44.8m (2011 H1: £39.5m)
• £87.2m of new buy-to-let loans advanced
• Quality business generated, continuing low arrears

John Heron, Managing Director of Paragon Mortgages, said: "The Group delivered a further period of growth during the first half of the year, with an increase in profits."

"We have seen a sustained level of buy-to-let mortgage business during the year and we also successfully completed our first securitisation since 2007 which was also the first deal consisting solely of buy-to-let loans by any lender in the UK since the credit crunch.

The first half of the year was successful in terms of the level of applications received for buy-to-let loans, from both new and existing customers, following the introduction of 50 new products launched in January.