Together raised or refinanced more than £5bn of funding during the year to underpin growth, following a strong period for redemptions with cash receipts of £3.4bn.

Richard Rowntree, group CEO at Together (pictured above), commented: “Together delivered another strong performance during the year with the loan book reaching a new high of £7.9bn, net interest margin remaining highly attractive at 5.5%, and underlying profit before tax up 7% on last year.

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“We continued to build on our past success to take the business to the next level, launching our refreshed strategy, progressing our lending system and data platform transformation programme into the build and test phase, and strengthening and diversifying our executive management team and board.

“We also raised or refinanced over £5bn of funding facilities to support our long-term growth ambitions.

“The outlook for the UK economy is mixed, with expectations of further interest rate cuts offset by global economic uncertainty, continued trade disruption and a weaker jobs market.

“However, with changing working patterns, a rise in multiple incomes and other long-term structural trends supporting an increase in demand within our market, we remain cautiously optimistic and are well positioned to continue to help customers realise their property ambitions, as we have for more than 50 years.”