Together sees lending return to pre-pandemic levels

Lending at Together returned to pre-pandemic levels in June and July, according to its annual results ended 30th June 2021.

The report revealed that lending in June and July stood at £190.3m and £172.9m, respectively.

It highlighted a strong performance in the second half of the year, with average monthly loan originations up 130.8% to £136.2m compared to £59m in the first six months.

Overall, its underlying profit before tax grew by 26.3% to £149.7m (2020: £118.5m).

However, the group’s loan book decreased by 3.6% to £4bn (2020: £4.2bn), due to the impact of the pandemic at the beginning of the lender’s financial year.

Meanwhile, average monthly loan originations for the year were down 30.6% to £97.6m (2020: £140.7m).

Weighted average origination LTVs remained conservative at 59.8%.

During the year, Together has raised or refinanced over £1.3bn of facilities across five transactions to support the group's lending activities.

Gerald Grimes, group CEO designate at Together (pictured above), said: “At the start of our financial year, the UK was still in its first lockdown, the property market was only just reopening, millions were furloughed, millions more deferring their mortgage payments, and development activity had all but ceased. 

“Against this backdrop, we have continued to increase our lending levels during the year.

“It has taken common sense, logic, a calm approach and decisive actions to navigate through this unprecedented time and these results are a testament to the extraordinary efforts of our colleagues over the last 12 months.

"While the economy is performing much better than expected and is forecast to grow strongly, we expect that following government Covid-19 support schemes being withdrawn and increased changes in employment status, many people may find themselves in a different position to how they entered the pandemic. 

“With robust levels of capital and liquidity, Together is well placed to help increasing numbers of customers to realise their ambitions and to play our part in supporting the UK's economic recovery."

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