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Together ‘cautiously’ completes £131m lending in Q3

  • 17/11/2020
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Together ‘cautiously’ completes £131m lending in Q3
Together Financial Services has more than doubled its mortgage originations to £131m in the three months of July, August and September, representing a 118 per cent increase on the previous quarter’s figure of £60m.


The group’s results report for Q1 of its 2021 financial year, said it was “cautiously increasing” its lending volumes as the figures for the quarter showed its originations were notably lower than the same period last year, where it lent £529m. 

On average, the group lent £43.6m a month, a 118 per cent increase on the previous quarter’s average of £20m. 

Again, this was a severe 75 per cent drop in comparison to its monthly average during the first quarter of 2020, which was recorded at £176.2m. 

Together said its lending remained “conservative” amid the ongoing challenges of the coronavirus pandemic. 

The average loan to value (LTV) of its mortgages was 56.4 per cent, slightly below the average of 58.1 per cent during the same period last year. Compared to the previous quarter, this was up on the average LTV of 46.9 per cent. 

Overall, 99 per cent of the mortgages originated during the quarter were below 80 per cent LTV. 

Together’s net interest margin remained stable at 6.4 per cent despite the low LTV loans on its book, falling in line with 6.4 per cent in Q1 last year and 6.5 per cent in the previous three months.  

The group loan book for the period reached £4bn, a 3.2 per cent rise on £3.9bn last year but down slightly on the previous quarter’s £4.2bn.  

Additionally, its profit before tax was relatively flat on last year, slightly down to £33.9m from £34.5m. 

Gerald Grimes, group CEO designate of Together, said: “Together delivered a resilient performance in the quarter to 30 September, despite the ongoing challenges of Covid-19, as we continued to focus on supporting our customers, protecting our colleagues and shaping our business for the future. 

“While we expect conditions to remain challenging for some time, as we deliver our modernisation and transformation programmes and with strong levels of capital and liquidity, we believe Together is well positioned for the future and to play our part in supporting the UK’s economic recovery.” 


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