Precise Mortgages issues third securitisation

Precise Mortgages issues third securitisation




Last week, Charter Court Financial Services Limited (CCFS) under the brand name, Precise Mortgages, issued its third public securitisation.

Last week, Charter Court Financial Services Limited (CCFS) under the brand name, Precise Mortgages, issued its third public securitisation.

The deal follows on from CCFS’ two previous transactions, “both of which continue to perform exceptionally well”, according to the firm.

The £230 million Fitch and S&P rated transaction brings CCFS’ total insurance since December 2013 to over £600 million.

All loans in the transaction have been originated by Precise Mortgages in the last 12 months and have been subject to a combination of automated and manual underwriting.

The loans have been credit scored using a suite of Experian scorecards and all home owner loans have been income verified and affordability has been stressed to a minimum of the higher of the current or reversion rate plus at least 2 per cent and more recently 3 per cent.

Buy to let loans have a minimum interest coverage ratio of 125 per cent with the average being 154 per cent but no loans are currently in arrears or have ever been in arrears since origination.

CCFS, acting under its brand name Exact Mortgage Experts, retains servicing of the portfolio.  Exact is a premium Fitch rated UK third-party mortgage administrator with Fitch ratings of RSS2- for its Special Servicing and RPS3+ for Primary Servicing.

For further information, you can download the New Issue reports from Fitch Ratings’ and S&P’s websites.

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