Charter Court mortgage lending passes £2.5bn

Charter Court, the specialist challenger bank and owner of Precise Mortgages and Charter Savings Bank, has passed through £2.5 billion of mortgage completions to the end of October 2015.

Related topics:  Mortgages
Rozi Jones
4th November 2015
Ian Lonergan Charter

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 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 bank has completed over 14,500 loans in buy-to-let, residential and bridging to date.

Charter Court has just eight mortgage loans where there are three or more payments in arrears, equating to an arrears rate of 0.07%. The CML mortgage industry average arrears rate is 1.19%.

Charter Savings Bank 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. Our loan performance and service levels remain very strong due to the investment the business has made in excellent people and a scalable infrastructure.”

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