Paragon Mortgages has reported a 95% rise in buy-to-let lending.

In an interim management statement covering the period from April 1 to date, it said that from last October to this June, it had lent £456.3m compared with £234.9m for the same period the previous year.

Operating profits for the period October to June were £88.3m, up from £75.7m for the same period the year before – a rise of 16.6%.

John Heron, managing director of Paragon Mortgages, said: “The buy-to-let business continues to grow and the credit quality remains outstanding.”

Paragon was severely hit by the housing market crash and closed its books to new business for three years, reopening in September 2010.

According to the Council of Mortgage Lenders, there were 16,000 new buy-to-let loans in May, up 14% on May last year.