Charter Group

Charter Court reports 20.7% BTL loan book increase

In its interim results for the six months ended 30th June 2018, Charter Court Financial Services Group PLC has reported a 20.7% rise in its BTL loan book from year end to £3.9bn.

Charter Court, which operates through three brands – Precise Mortgages, Exact Mortgage Experts and Charter Savings Bank – stated that BTL mortgages represented 69% of Charter Court’s total loan book, which grew by 29% year-on-year to £5.69bn during H1 2018.

The group reported £835.3m of new BTL originations during H1 2018, a significant increase on the £756.1m reported in H1 2017.

Charter Court also revealed that its bridging loan book was down by 7% to £203.5m from year end (31st December 2017: £218.9m), with bridging loans representing 3% of its total loan book.

The group reported new bridging originations of £131.4m during the first six months of 2018, down from the £162m reported in H1 2017.

Charter Court explained it had chosen not to react to competitive movements in its core bridging market in the first two months of 2018 and said activity remained acceptable and throughout this period it focused on high quality, low risk bridging finance.

In late Q1 2018, Charter Court restructured its bridging product range and introduced product enhancements which has seen a notable increase in applications during Q2 2018, compared with the previous year and Q1 2018.

This was supported by a restructured sales team and improved distribution which has allowed the group to access a larger potential market.

Ian Lonergan, CEO at Charter Court (pictured above), said it continued to make progress in the first half of 2018 as it delivered against or exceeded all its targets.

“Steady growth in our balance sheet was maintained, with originations driven primarily by the strong uptake of our specialist BTL products designed for the growing sophistication of our chosen market segments.

“This positive result was achieved while controlling risk efficiently and effectively, maintaining the high quality of our mortgage book.”

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