Together securitises as loan book reaches record levels

Together securitises as loan book reaches record levels

Specialist lender Together Financial Services has signed off a second securitisation deal as its loan book continues to push out to record levels. 

In its first quarter results, published today (November 22), the lender reported its loan book was worth £3.01bn at the end of September, up from £2.96bn at the end of June.

Mike McTighe, chairman of Together, said the company had achieved "solid performance" over the quarter, which was driven by "robust lending volumes at conservative [loan-to-values]".

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The group weighted average LTV of new originations in the quarter was 58.1 per cent, up slightly from previous quarters.

Together announced pre-tax profits of £30.4m, fractionally up on the previous quarter and the same period a year before but this trailed the £31.5m made in the second quarter of 2018.

Mr McTighe said: "We continued to increase our market reach, adding two further relationships with influential mortgage networks and clubs during the quarter, while also strengthening our broker relationships and direct marketing capabilities."

He added that the company had added "significant additional liquidity" to support its growth plans and successfully refinancing over the three months.

Since the end of the quarter, Together has carried out a second securitisation worth £287m, the company said today and, despite uncertainties around Brexit, reported record origination in October – the first month of the current quarter – with £170.9m in loans issued.