Precise Mortgages issues third securitisation

Robyn Hall

December 2, 2014

The deal follows on from CCFS’ two previous transactions, both of which continue to perform well.

The £230m Fitch and S&P rated transaction brings CCFS’ total issuance since December 2013 to over £600M.

All loans in the transaction have been originated by Precise Mortgages in the last 12 months and have been subject to a combination of automated and manual underwriting.

All loans have been credit scored using a suite of Experian scorecards and all home owner loans are income verified and affordability has been stressed to a minimum of the higher of the current or reversion rate plus at least 2%, and more recently 3%.

Buy-to-let loans have a minimum interest coverage ratio of 125% with the average being 154% and no loans are currently in arrears or have ever been in arrears since origination.

CCFS, acting under its brand name Exact Mortgage Experts, retains servicing of the portfolio. Exact is a premium Fitch rated UK third-party mortgage administrator with Fitch ratings of RSS2- for its Special Servicing and RPS3+ for Primary Servicing.

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