Charter Court Financial Services set for second securitisation
All loans in the first securitisation, PMF No.1, were originated by the CCFS trading brand Precise Mortgages, offering both residential and buy-to-let mortgage loans.
PMF No.1 closed in December 2013 and is rated by both Fitch Ratings Agency and Standard & Poors.
The average borrower, sitting within the transaction, had an average age of 44, put down a deposit of 28% of the property value and had an average household income of £42,000.
The average income multiple for the owner occupier loans was under three and each borrower passed an affordability test which was also stressed for future interest rate increases.
To date, of the 1257 loans in PMF No.1, not a single one is in arrears.
Latest Council of Mortgage Lenders’ statistics show 1.59% of UK mortgages are three months or more in arrears, the lowest level in seven years.
Simon Allsop, head of securitisation for CCFS, said: “PMF No.1 was heavily oversubscribed and we are confident that the quality of the underlying mortgage loans will continue to impress investors.”