All loans in the first securitisation, PMF No.1, were originated by the CCFS trading brand Precise Mortgages, a specialist lender in the UK mortgage market, offering both residential and buy to let mortgage loans.
The first securitisation, PMF No.1, closed in December 2013 and is rated by both Fitch Ratings Agency and Standard & Poors.
The firm said 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, none are in arrears, said the firm.
The 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 very confident that the quality of the underlying mortgage loans will continue to impress investors.”
Precise has also launched its new logo today (pictured) intended to streamline group branding including Precise Mortgages under the Charter Court Financial Services parent group banner.
Precise also relaunched its website, which now offers a document download section, quick access to the online application system and a more navigable index.