Specialist lender Together delivered nearly £30m in auction finance lending to customers in October, a record for the company.
In total, Together exceeded its growth targets by lending £319.5m during the month, while its completions reached 1,665.
Chris Baguley, group channel development director at Together, said the amount lent was an “impressive achievement” and due to the strong performance of sales channels across the group.
He said: “We’ve helped people across the board from family homebuyers 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.”
Baguley referred to predictions made in Together’s recent Residential Property Market Report 2024/2025, which suggested the specialist residential mortgage market would increase 70% to £54bn over the next five years.
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The lender said this could be influenced by inflationary costs and the cost-of-living crisis impacting borrowers’ ability to access credit.
The report also found that more than a sixth of regulated mortgage lending in 2023 came under one or more specialist categories, which is set to rise by a fifth 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 a testament to the strong ethos of common-sense lending [that] 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.”
Earlier this month, Together introduced flexible arrangement fees while expanding its network and club distribution.
