Paragon has published its third quarter trading update.

It shows a 7% increase in total mortgage lending to £1,130 million for the nine months, including £409 million of new mortgage lending advanced in the third quarter.

Paragon’s mortgage pipeline, which measures new business at application stage that has not yet completed, closed at £859 million after climbing £71 million during the latest quarter.

The lender recently launched its portfolio mortgage range to landlords operating in the Scottish market and is also continuing to build its capability in specialist residential mortgages.

Alongside mortgages, Paragon grew commercial lending for the first nine months from £285 million to £449 million.

Retail savings deposits rose to £4.9 billion at 30 June 2018.

John Heron, managing director of mortgages at Paragon, said: “Paragon’s core buy-to-let business continues to see strong demand from professional landlords. Our specialist expertise means that we’re well-positioned to support landlords as they navigate through the fiscal and regulatory changes impacting the sector, with tailored products to cover a wide range of different portfolio types and corporate structures.”