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News

Charter Court loan book up 28%

Tom Belger | 13:00 Tuesday 15th May 2018

Charter Court Financial Services Group PLC has announced that its loan book has grown to £55bn during the first quarter of 2018, a 282% increase on the same period last year.

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p>The specialist bank, which operates through three brands – Precise Mortgages, Exact Mortgage Experts and Charter Savings Bank – reported new loan originations of £668.2m during the quarter, with strong performances in the BTL and specialist residential sectors. Charter Court also executed two securitisations totalling £620.6m in Q1 2018 and the structured sale of £277m of CMF 2017-1 securitised mortgage assets, resulting in a gain on sale of £15m recognised in the quarter. The group saw customer deposits reach £4.3bn as of 31st March 2018, up from the £3.7bn reported the previous year. Ian Lonergan, CEO at Charter Court (pictured above), said he was pleased to report a strong quarter for the bank. “We have successfully maintained the strong momentum in our mortgage originations pipeline at year end 2017 into the first quarter of 2018, while taking the opportunity to price up our mortgage products in response to higher swap rates. “In line with our strategy, we continued to work just as hard on the liability side of our balance sheet, taking advantage of favourable capital markets conditions to successfully execute two securitisations in the quarter totalling £620.6m. “Looking ahead, we continue to see strong demand for our buy-to-let and specialist residential mortgages and remain confident in our stated financial targets."

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