Together’s loan book grows to £6.8bn

According to the latest financial results from Together – which in January hired roving underwriters – the weighted average indexed loan to value (LTV) remains low at 55.7 per cent, up from 53.4 per cent in Q2 2023 and 56.2 per cent in Q1 2024.

The firm said its impairment coverage is 1.8 per cent, in line with comparable quarters.

The company posted a profit of £47.7m in the year to December 31^st.

The firm said that its underlying net interest margin (NIM) came to 5.5 per cent, which it said was consistent with previous the quarter, “reflecting [a] prudent pricing approach”.

Mike McTighe, chairperson of Together, said: “Together achieved another strong set of results in the quarter to 31 December, reflecting the sustainability of our business model and the commitment and dedication of our team.

“The loan book grew to £6.8bn, with LTVs remaining very prudent, as we maintained a controlled growth in lending at attractive margins and delivered increased net interest income (NII), profit before tax and cash receipts. We also continued to diversify our funding, raising or refinancing over £1.1bn of facilities and achieving a rating upgrade to BB from Fitch during the quarter.”

He added: “Looking ahead, while inflation has continued to fall, gross domestic product (GDP) growth is forecast to remain subdued and interest rates look likely to remain higher for longer. Despite the prevailing economic uncertainties, as we enter our 50th year in business, we remain cautiously optimistic about the future and will continue to help our customers realise their ambitions and play our part in supporting the UK economy.”