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Together mortgage lending jumps 20 per cent in Q3

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  • 16/05/2019
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Together mortgage lending jumps 20 per cent in Q3
Together’s average monthly loan originations have jumped by a fifth over the last year, the specialist lender has revealed.

 

In its quarterly results, the firm stated that it is now typically originating £169.7m of business each month in the third quarter of the year.

This is up by 20.5 per cent on the same period in 2018 when it was lending an average of £140.8m a month, though it is slightly down from the £171.7m average in the previous quarter.

Together’s loan book has increased by a quarter over the last year, from £2.78bn to £3.47bn, while it said its loan to values (LTVs) remain conservative, with new originations averaging 58 per cent LTV.

The lender’s net interest margin has fallen though, from 7.4 per cent a year ago to 6.8 per cent today. It noted this was reflective of “competitive market conditions, redemption of higher yielding legacy products, increased gearing and changes in product mix”.

Meanwhile its profit before tax grew by 8.8 per cent over the year to £31.4m.

In the calendar year of 2018, Together completed £1.8bn of lending, up 28 per cent.

Mike McTighe, group chairman of Together, (pictured) noted that the lender had extended its distribution during the quarter, recruiting a head of corporate relationships and increasing the number of strategic broking partners in its Together+ platform to 40.

He continued: “The UK’s economic outlook remains uncertain with the Brexit deadline extended until the end of October.

“Lead indicators are also mixed with continued wage growth, unemployment at a 44-year low and the annual rate of growth in house prices remaining stable, being offset partially by weaker consumer spending.

“Despite the continuing uncertainty, we are seeing strong ongoing demand for our products and believe that Together remains well placed to deliver on our future growth plans.”

 

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