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Charter Court sees stable flotation as investor concerns hit sector

by: Tim Chen
  • 06/10/2017
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Charter Court sees stable flotation as investor concerns hit sector
Charter Court Financial Services, parent company of mortgage lender Precise Mortgages, went ahead with its flotation on the London Stock Exchange this week.

It launched on 4 October with a share price of 230p valuing the business at £550m and has remained relatively stable since, at 234p at the time of writing.

After a cancelled £400m auction in May last year — in part collapsed by Brexit concerns – the Initial Public Offering (IPO) was seen by some as a test for post-Brexit investor confidence in the UK specialist mortgage market.

The sector has raised eyebrows this week with OneSavings Bank also in the news. OneSavings Bank shares fell 6% to 374p on Wednesday following the announcement that a major investor was selling another block of shares, but it has since recovered and shares were up to 380p at the time of writing.

Based on the volume of mortgages generated in 2016, Charter Court group was the leading specialist mortgage lender in the UK last year.

Charter Court was founded by its current management team in 2008, and operates through three core brands: property lending through Precise Mortgages, online retail savings bank Charter Savings Bank, and specialist analytics and credit consultancy Exact Mortgage Experts.

The group also reported mortgage originations of £1.3bn during the first six months of 2017, and a net mortgage loan book of £4.4bn.

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