The specialist lender has posted record average monthly loan originations of £205.8 million in the quarter ended 31 December 2019, up 19.8% compared with £171.7 million in the corresponding quarter of 2018, and up 16.8% from £176.2 million in the previous quarter.

Weighted average LTVs of new originations remained conservative at 58% while the loan book weighted average LTVs are even lower at 54.9%.

Mike McTighe, group chairman of Together, said: “Together continued to achieve strong growth in new lending during the quarter, with the loan book reaching a new high of £4.2 billion, driving robust increases in underlying profitability and cash generation.

“The group continued to deliver a strong financial performance, with underlying profit before tax up 17% on Q2 last year at £36.5 million and cash receipts up 19.2% at £432.6 million.

“We further enhanced our governance with the recent appointments of John Hooper to the Board of our Personal Finance business and Gerald Grimes as Group CEO Designate to add additional breadth and bandwidth of the Executive team and to provide a clear succession plan.

“We continued to strengthen and diversify our funding during the quarter, completing our third public residential mortgage backed securitisation and upsizing our private revolving Lakeside securitisation to £500 million.

“Earlier this month, we also successfully issued £435 million of 4⅞% Senior Secured Notes, upsizing from the initial £385 million to meet the significant levels of demand from investors.”