Together’s gross mortgage lending dips as loan book breaks £3bn

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  • 22/11/2018
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Together’s gross mortgage lending dips as loan book breaks £3bn
Together reported a dip in gross monthly mortgage lending to £137.5m, as its loan book hit a fresh high in quarterly results to the end of September.

 

Gross lending fell from the £153.3m seen in the previous quarter of 2018.

But the specialist lender’s loan book has now tipped £3bn, which it said has been achieved by focusing on growing distribution through broker clubs and networks.

Together noted Brexit and economic uncertainties in the market.

However, politics has not hit profits, which before tax were at £30m, while cash receipts were at £414m for the quarter.

The average loan to value at the provider was just over 58%.

The lender revealed it had refinanced funding to support growth plans.

 

Further extending distribution

Group chairman, Mike McTighe (pictured) said: “We maintained our strong growth momentum in the quarter, growing the loan book by 27% compared to 30 September 2017.

“As Brexit negotiations enter a crucial phase, the UK’s economic outlook remains uncertain with a number of contradictory indicators.

“Despite these uncertainties we continue to see strong demand from customers with record levels of originations in October of £170.9m, and along with our recent work to increase and extend our funding lines, we believe Together remains well placed to deliver on our ambitious growth plans.”

Pete Ball, personal finance chief executive, added: “We are delighted to have reached a new record during the quarter as we grew our loan book to over £3bn.

“A particular focus included building out our distribution partnerships with UK mortgage clubs and networks by adding two further influential mortgage networks and clubs, whilst also continuing to enhance existing relationships and strengthen broker relationships.

“Looking ahead to the next quarter, we are focussed on further enhancing our platform and extending our distribution reach to provide more customers with the products and finance solutions they need.”

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