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Together Q4 lending down two-thirds on 2019 but recovery underway

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  • 14/01/2021
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Together Q4 lending down two-thirds on 2019 but recovery underway
Together completed £223m lending in the last three months of 2020 as it continues to recover from the impact of the pandemic.

 

According to a preliminary trading update from the lender, its average monthly loan originations were £74.4m in the three months from October to December.

This was up 70 per cent from the £43.6m figure per month from July to September.

However, it was down 63 per cent from the record level of £205.8m during the same period in 2019, which totalled £617m in lending.

Together said it had continued to support its customers throughout the pandemic, with 23per cent mortgages by value taking a payment deferral since the onset of Covid-19.

But on 31 December 2020, just 1.9 per cent of customers by value remained within a mortgage payment deferral compared with 6.2 per cent on 30 September 2020.

Together added that its average monthly cash receipts were £142.2m during the quarter, up from £125.7m in September, with total accessible liquidity increased to £300m from £267m, with almost a billion pounds headroom in its financial facilities.

The firm published the figures as it announced the offering of £450m worth of bonds for investors due in 2027.

A complete set of results for operations from October to December is expected next month.

 

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