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Precise sees record Q1 mortgage lending

  • 15/05/2019
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Precise sees record Q1 mortgage lending
Precise Mortgages completed £710m lending in the first three months of the year, it’s highest so far for the first quarter.


The total broke last year’s previous high of £668m for the lender which is owned by Charter Court Financial Services.

It credited with strong performance across core buy to let, residential and short-term mortgage segments.

In a stock market statement, Charter Court said that it expects to publish an update in connection with its merger with One Savings Bank later today.

The lender also completed two securitisations totalling £564m in January.


Optimal funding mix

Announcing the results, Charter Court noted the loan book had risen 17.9 per cent year-on-year to £6.5bn at 31 March, up from £5.5bn at the same point in 2019.

It said the lender had maintained an optimal funding mix with the “continued benefit of a dynamic funding strategy leveraging customer deposits, wholesale and central bank facilities”.

Customer deposits were also up 29.7 per cent year-on-year to £5.6bn at 31 March from £4.3bn last year.

Charter Court CEO Ian Lonergan (pictured) said: “I am pleased to report another strong quarter as we continued to deliver on our robust mortgage pipeline to generate record first quarter originations while maintaining high asset quality and strong credit performance.

“Despite a challenging macroeconomic and market backdrop, the group completed the sale of its residual interest in two securitisations in January for a pre-tax gain of £30m, equivalent to a 5.3 per cent premium on the underlying £564m of mortgage assets.

“Our performance in the first quarter continues to reflect the resilience of our lending operations and demonstrates our ability to structure and execute complex transactions, even in difficult market conditions,” he added.


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