OneSavings Bank plc, the challenger bank has announced the successful completion of its first securitisation transaction.
Rochester Financing No. 1 PLC, which will sell £253 million of Class A mortgage backed securities and £20 million of Class B mortgage backed securities.
This will no doubt have a direct positive effect upon OneSavings Bank’s three mortgage brands, Kent Reliance, a mainstream mortgage lender, InterBay Commercial, a commercial mortgage lender and Prestige finance, the secured loans provider.
Commenting on the news, Stephan Wilcke, OneSavings Bank plc Chairman, said: "This is another important milestone in the turnaround and growth plan for OSB, establishing ourselves as a challenger bank. Our current trading both in volume and profitability is ahead of our previous expectations and we are cautiously optimistic about the future." Challenger bank OneSavings Bank says it will join the Help to Buy mortgage guarantee scheme in early 2014.
The challenger bank OneSavings Bank also announced that it will join the Help to Buy mortgage guarantee scheme in early 2014.
OneSavings Bank group Chief Executive Andy Golding says: “We are pleased to announce our intention to offer mortgage through the Help to Buy scheme in early 2014, PRA capital rules permitting.”
One Savings Bank plc, the funding line recorded a £12.4 million net profit for the year back in August - compared to a net loss of £1.8 million on the same figures from this time last year.
The lender has emerged substantially better from a period of stabilisation over the last year, with lending increasing by 138.2 per cent and savings balances growing by well over £860 million.
The bank has made an active effort of improving its lending proposition via its three UK lending brands, Kent Reliance – a mortgage and insurance provider; Interbay Commercial – a specialist commercial mortgage lender and; Prestige Finance – a specialist secured loan lender.
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