Together increases mortgage lending to £2bn

The results show continued growth for Together – in February it reported a 28 per cent rise to £1.8bn for the calendar year of 2018.

The lender attributed the latest figures to “robust” lending volumes at low loan to values (LTVs), with its overall loan book reaching a high of £3.7bn. 

Mortgage loans accounted for 32 per cent of this or £1.2bn. 

The net interest margin for the year was at 6.8 per cent and profit before tax rose 7.1 per cent to £130.3m. The group generated cash receipts of £1.6bn during the year. 

Together also completed a second public residential mortgage backed securitisation (RMBS) raising £272.6m against a loan portfolio of £286.9m during the 12 month period.

Commercial and unregulated bridging up

Group chairman Mike McTighe (pictured) said: “Together delivered another solid performance during the year, with strong lending volumes at low LTVs driving continued growth in the loan book and increased profitability and cash generation. 

“During the year, we also raised or refinanced over £2bn of facilities, increasing the scale and diversity of our funding base and extending the maturities to support the group’s future growth.” 

Marc Goldberg, commercial finance CEO, added: “We achieved this growth across all of our products in commercial finance, with particularly strong increases in commercial term and unregulated bridging.”