Mortgage News
Precise benefits as Charter Savings Bank deposits reach half a billion
Charter Savings Bank, sister company of Precise Mortgages, has opened over 10,000 savings accounts since its launch in March, allowing the mortgage lender more access to diverse funding.
The number of savings accounts opened since the bank’s launch equates to over £500m of consumer deposits.
At the time of being granted its banking licence, Alan Cleary, managing director of Precise Mortgages, said Charter Savings would offer the mortgage lender ‘further funding sources’ to support its strategy of helping ‘borrowers underserved by high street lenders’.
Cleary said: “We became a bank because we understand that diversification of funding is critical. One of the lessons learned from the financial crisis is that capital markets and the securitisation markets can be unpredictable.
“Having access to consumer deposits gives us more options which in turn benefit the mortgage intermediary, as well as our borrowers.”
“We are focused on delivering lots of new mortgage products and improving our service to both mortgage intermediaries and borrowers across our residential, buy to let, bridging and second charge product ranges.”
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Precise completed its fourth securitisation deal in March comprising £205m, bringing total issuance since December 2013 to over £800m.
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