Buy-to-let specialist grows loan book to £6.5bn
Buy-to-let mortgage specialist Charter Court has reported a record first quarter with new loan originations of £710m, up £42m, with strong performances across core buy to let, residential and short-term mortgages.
The Wolverhampton-based business grew its loan book 17.9% year-on-year to £6.5bn from £5.5bn in the corresponding period last year, or 28.1% to £7.1bn excluding the impact of structured asset sales in the quarter.
Customer deposits were up 29.7% year-on-year to £5.6bn, while residual interest in two securitisations sold for a pre-tax gain of £30m in January.
Ian Lonergan, CEO of Charter Court, 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% 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.”
