In addition, profit before tax reached £90.3m; a significant increase of 20.8 per cent on the previous year.
These record results for the company affirm our strong position and competitive advantage in the marketplace. In addition to auction finance, Together’s product range spans bridging finance, residential, buy-to-let and commercial mortgages and secured loans, and our continued commitment to adapting and updating our products is supported by our strong financial position.
During this hugely successful year, we added to and adapted our product offering, including the launch of a brand new five-year fixed rate mortgage to offer our clients the option to fix their rates in the face of the uncertainty of Brexit. We’ve also lowered the rates for first charge residential mortgages to 6.37 per cent, with a loan-to-value of less than 60 per cent, whilst rates on second charge products have been cut by up to 0.72 per cent.
In addition to this, we’ve revised our criteria regarding fees and eligibility, making our products more accessible for customers with different income streams. The Office for National Statistics, for instance, recently announced that the number of self-employed citizens has reached its highest level in 40 years, so we’ve made it easier for self-employed applicants by increasing the date of accepted tax calculations to 18 months.
Overall, the future looks bright. Although Brexit has caused uncertainty within the property market, our solid financial position means that our clients can rest assured in our stability. Following the restructure of the business to separate our retail and commercial activities, we’ve made a number of new high-profile appointments to complete the leadership team, which will help us build on our current success.
After 42 years of successful trading, Together has firmly established itself as a leading specialist finance provider, as our latest results clearly show.
