The offer is backed by a portfolio of prime UK mortgage loans originated by Aldermore. The pool consists of first-ranking owner-occupied UK residential mortgages. No right-to-buy, buy-to-let, self-certification or offset loans are included in the pool. The pool is made-up of 2,686 loans with an average current balance of £134,878 and an average remaining term of 20.9 years.
Aldermore has access to diversified sources to support its growth. The Bank has developed sustainable, low-cost multi-channel deposit raising capabilities, leveraging its online presence and optimised digital promotion to support its significant balance sheet expansion.
An investor roadshow is expected to be held this week on Wednesday 26th and Thursday 27th March, with pricing to be completed thereafter. JP Morgan is acting as sole arranger and bookrunner on the deal, with JP Morgan and Lloyds Bank acting as joint lead managers.
A spokesperson for the Bank said:
"Aldermore is pleased to announce its debut prime UK Residential Mortgage Backed Securities transaction - Oak No.1 PLC. As a growing bank, securitisation marks a strategic milestone in the evolution of Aldermore. The diversification of our wholesale funding sources will enable us to continue to support our customers with award- winning mortgages and specialist finance for small and medium size businesses."
