Together’s originations rise to £2.8bn in 2023

Its loan book grew to £6.4bn, against £5.2bn last year. Together also lent an average of £233.1m each month, which was 2.8 per cent higher than in 2022. 

Its largest share of business was buy-to-let, which accounted for 30 per cent of its book. This was an increase on 28 per cent the year before. The lender said it held £1.9bn of buy-to-let mortgages out of an £2.2bn available market. 

Some 22 per cent of its book comprised first and second charge residential mortgages, down on 24 per cent last year, while bridging loans made up 21 per cent of business, down from 23 per cent. 

Commercial mortgages accounted for 22 per cent of its loan book, relatively flat on 21 per cent in 2022 and development loans made up five per cent, which was similar to four per cent last year. 

The value of bridging loans amounted to £1.3bn, commercial loans were £1.4bn, development finance came to £300m and first charge residential mortgages totalled £900m. The value of second charge residential loans reached £400m. 

The average loan to value (LTV) of the mortgages it originated during the year was “prudent” at 61 per cent and the average LTV of its total portfolio came to 55.3 per cent. 

The group said headline arrears were also lower than pre-pandemic levels. 

A ‘strong performance’ 

Together’s underlying profit before tax rose from £162.7m to £163.6m. 

Gerald Grimes (pictured), CEO designate at Together, said the lender delivered “another strong performance” and the group remained “highly profitable”. 

Grimes added: “We also further strengthened and diversified our funding, raising or refinancing over £2bn of facilities during the year.” 

He said: “As high street lenders retrench from more complex cases, we expect many more individuals and businesses to look to specialists to support opportunities. With a clear purpose, a proven and well-funded business model and a successful multi-cycle track record, Together will continue to be there to help underserved customers solve problems and realise opportunities, as we have been for the last 50 years.”