Together sees monthly originations more than double in FY22

In its full year results, the group also said new lending exceeded £300m in May and June.  

The average loan to value (LTV) tier for new loans was “conservative” at 61 per cent, a marginal rise on the previous year’s average of 59.8 per cent. 

The group’s loan book reached a new high of £5.3bn, up 30 per cent on last year. The average LTV of its loans was also low at 51 per cent, almost flat on 52 per cent previously. 

Together posted an underlying profit before tax of £162.7m, an 8.7 per cent rise on the last financial year. 

It described its underlying net interest margin of 5.5 per cent as “attractive”, though down on the previous year’s 6.2 per cent. It attributed this contraction to a change in its product mix as well as the impact of the extent and timing of rising interest rates. 

Raised or refinanced over £4.1bn of facilities

Gerald Grimes (pictured), group CEO designate of Together, said: “Together delivered another very strong performance in the year to 30 June as we capitalised on our diverse proposition to increase lending to a wide range of customers. 

“This growth was achieved in a controlled and sustainable way, in line with our strategy and prudent risk appetite.” 

Together also noted that it had raised or refinanced over £4.1bn of facilities during the year to support its growth. 

Grimes added: “The UK’s economic outlook has become more uncertain as global supply chain disruption and rising inflation have led to a tightening of monetary policy and increasing interest rates. As a result of these headwinds, many more customers may find themselves underserved by mainstream lenders and look to specialist lenders to help them to solve problems and realise opportunities.  

“With a multi-cycle track record, a clear purpose, our transformation programmes well underway and strong diversified funding in place, Together remains well placed to help increasing numbers of customers realise their ambitions and to play our part in supporting the UK economy.” 

The results come at a busy time for Together. Over the summer, Mortgage Solutions reported that the firm had made a number of hires including two new business development managers (BDM)  in August. Meanwhile, in July, the firm announced its largest ever mortgage-backed securitisation.