Together has reported that average monthly lending stood at £269.3m in the quarter to 30 September.
The figure for the three months regarded as Q1 2025 by the lender was a 20.5% increase on its Q1 2024’s result of £223.5m but down by 3.5% on Q4 2024 which was £279.2m.
Meanwhile, it reported there were conservative weighted average origination LTVs of 60.0%, this compared to 58.% in Q1 2024 and 60.1% in Q4 2024.
The lender’s group net loan book increased to £7.6bn, up 14.7% on the same period last year where it stood at £6.6bn and 3.0% on the previous quarter.
Weighted average indexed LTV was 55.6% for the quarter, a 56.2% increase on the same quarter last year and a 55.7% on Q4 2024.
However, Together highlights that it is seeing some increases in arrears, which it will “continue to manage carefully”.
During the third quarter, Richard Rowntree (pictured) was appointed as the lender’s new chief executive officer and will start his new role on 25 November.
The lender also promoted Chris Adams to chief financial officer and John Barker to chief executive officer of its personal finance division.
Together chairman Mike McTighe says: “Together delivered another strong performance in the quarter to 30 September, growing the loan book to £7.6bn while the Group remained highly profitable and cash generative.”
“Originations remained robust as we further increased interest receivable and similar income, underlying profit before tax and cash receipts during the quarter, and we successfully raised or refinanced over £1bn of facilities to end the period with c£1.0bn of funding headroom.”
“While inflation is now close to the Bank of England’s target and interest rates are continuing to reduce gradually, UK economic growth is forecast to remain modest.”
“Against this backdrop and as evidenced by our recent residential property market report, we expect many more customers will be underserved by mainstream lenders and look to specialist lenders, like Together, for support. We will continue to be there to help our customers realise their ambitions and to play our part in supporting the UK economy, as we have for the last 50 years.”
