Charter Court poised for 2nd securitisation

Charter Court poised for 2nd securitisation



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Precise Mortgages is preparing for a second securitisation following its first deal's success in December last year… .

Charter Court Financial Services Limited, the parent company of Precise Mortgages, is preparing for a second securitisation following its first deal’s success in December last year…


It has been revealed that Charter Court Financial Services Limited (CCFS), acting under its brand name, Precise Mortgages, is planning for a second securitisation, after its successful first securitisation, PMF No.1, in December 2013.

The loans in the first securitisation consisted of both residential and Buy-to-Let mortgage loans, which is rated by Fitch Ratings Agency & Poors, raised almost £164 million worth of funding.

Commenting on the first securitisation, Simon Allsop, Head of Securitisation for CCFS said: "PMF No.1 was heavily oversubscribed and we are very confident that the quality of the underlying mortgage loans will continue to impress investors."

According to the first securitisation, the average borrower within the transaction put down a deposit of 28 per cent of the property value and had a household income of £42,000 with an average age of 44.  

The first deal, which targeted a broad investor base, ensured that every borrower out of the 1257 loans passed an affordability test, where to date, not a single loan is in arrears.

Latest Council of Mortgage Lenders’ statistics show only 1.59 per cent of UK mortgages are three months or more in arrears, this is at the lowest level in seven years.


 

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