Specialist lender Together today announced it has exceeded its ambitious growth targets by lending £319.5million in a month.
The finance group, which provides personal and commercial mortgages, bridging, Buy-to-Let (BTL) auction and development finance across the UK, revealed its monthly figures for October, which included records across some of its lending channels.
The latest total lending figures represent 1,665 completions across the group, and includes the record for the largest ever month lending to auction customers totalling almost £30million.
Chris Baguley, Group Channel Development Director at Together, described the record lending as an “impressive achievement” and said it was a result of the strong performance of sales channels across the group.
He said: “We’ve helped people across the board from family home-buyers and social housing providers to landlords, investors and large corporate developers achieve their property ambitions during what has been an uncertain time for individuals and businesses.
“The reason we’ve been able to do this is because of the hard work and dedication of our colleagues, allowing us to deliver incredible outcomes for our customers and the UK economy.”
Mr Baguley pointed to predictions in Together’s latest Residential Property Market Report 2024/2025, as further proof of a growth in specialist lending.
The report, which focuses on regulated lending and includes expert analysis by Rob Thomas, Economist and Principal Researcher at the Intermediary Mortgage Lenders Association (IMLA), forecasts a 70% increase in the specialist residential mortgage market to £54billion over the next five years.
Together said inflationary costs, and the impact of the cost-of-living crisis will continue to negatively impact borrowers’ ability to access credit, leading to an increased need for specialist lending.
The research also found that over one sixth of regulated mortgage lending in 2023 fell into one or more specialist categories, and is set to grow to over 20% by 2029.
Baguley said: “Together’s latest lending figures show the appeal of our fast and flexible finance for a wide range of borrowers, and they are testament the strong ethos of common sense lending which runs through our business.
“We’re expecting this demand to continue, not only in the regulated mortgage market but also in commercial lending and we are looking to support even more customers as we continue our growth ambitions –and work towards our vision to be the most valued lender in the market.”
