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Charter Court mortgage lending passes £2.5billion

04 November 2015

• Over 14,500 loans completed in buy-to-let, residential and bridging to date

• Exceptional asset quality

• New mortgage lending forecast at £1.5 billion for 2015, up 114% on 2014

• Over 32,000 savings accounts opened at Charter Savings Bank in just 8 months since launch

• Savings customers have deposited £1.4 billion

Charter Court Financial Services Limited (Charter Court), the specialist challenger bank and owner of Precise Mortgages and Charter Savings Bank, today announces it passed through £2.5 billion of mortgage completions to the end of October 2015, helping over 14,500 buy to let landlords and home owners achieve their property ambitions.

New mortgage lending in 2015 is forecast to grow to c£1.5 billion, an increase of 114% vs. 2014. This has been driven by strong growth in core lending markets, competitive product rates and the current mix of stable economic conditions, rising real incomes, improving housing equity positions, and modest expectations of interest rate increases. Buy-to-let lending represents the largest sector, accounting for approximately 62% of Charter Court’s total lending. The remaining 38% of lending includes residential home owners, many of whom – such as the self-employed – are not well served by high street lenders.

Charter Court has just eight mortgage loans where there are three or more payments in arrears – this equates to an arrears rate of 0.07%*, and reflects strong lending controls and underwriting criteria. The CML mortgage industry average arrears rate is 1.19%**.

Charter Savings Bank, which has regularly been featured in the best buy tables since it opened for business in March 2015, has already opened over 32,000 savings accounts, in which customers have deposited £1.4 billion.

Ian Lonergan, CEO of Charter Court Financial Services Limited said: “Passing £2.5bn in cumulative lending and attracting £1.4bn of savings balances is a major milestone for the business. Along with other challenger banks of a similar scale, we are bringing a new level of choice and service to customers who are disillusioned with high street banks. Our loan performance and service levels remain very strong due to the investment the business has made in excellent people and a scalable infrastructure.”

*arrears rate based on mortgages as at month end September 2015.

** CML mortgages >3 months in arrears at end of Q2 2015.

Financial Services Compensation Scheme

Financial Services Compensation Scheme

Your eligible deposits with Charter Savings Bank are protected up to a total of £75,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.