Together’s loan book rises to high of £7bn

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  • 23/05/2024
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Together’s loan book rises to high of £7bn
Specialist property lender Together has announced its loan book has risen to £7bn during the quarter to 31 March, a 14.3% increase on the same period in 2023.

Compared to the preceding quarter, this was a growth from Together’s loan book of £6.8bn. 

During the most recent quarter, Together’s average monthly lending volumes came to £262.5m, which was 24% higher than last year. 

It reported an underlying profit before tax of £51.8m for the period, up 25.4% annually. This compared to a figure of £47.7m at the close of the prior quarter. 

Mike McTighe (pictured), chair of Together, said; “We have delivered another strong performance in the quarter to 31 March, with the loan book reaching a new high of £7bn, while we maintained low loan to values [LTVs] and an attractive net interest margin [NIM].

“Monthly lending increased by 24% and net interest income [NII], underlying profits and cash receipts rose by 32%, 26% and 42% respectively, compared with the same quarter last year.

“We continued to shape our business for the future, completing the scope of the transformation project to further improve the experience for our customers and future proof our business, including selecting our new lending platform, Ncino.” 

Last month, Together announced it had partnered with tech firm Ncino to update its mortgage and lending proposition with the use of Ncino’s cloud banking platform. 

The group has also issued two residential mortgage-backed securitisations (RMBSs) since January and launched a £150m funding facility for small and medium-sized property developers.

McTighe said: “Looking ahead, while inflation has continued to fall and interest rates are increasingly expected to begin to edge down, UK GDP growth is forecast to remain fairly subdued in the short term.

“As we celebrate 50 successful years 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.” 

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