Call us on 0333 014 3477 About us News Bond Investor Reporting Contact us Latest news Fitch upgrades Securitiser Ratings 27 April 2015 Charter Court Financial Services Limited (CCFS), which operates under the brand names of Precise Mortgages and Exact Mortgage Experts, and is the issuer of the Precise Mortgage Funding PLC (PMF) securitisation programme has received upgrades from Fitch of its Primary and Special Servicing ratings as follows: UK Primary Servicer Rating upgraded to ‘RPS2-‘ from ‘RPS3+’ UK Special Servicer Rating upgraded to ‘RSS2’ from ‘RSS2-’ The improved financial condition of CCFS has helped to drive the ratings upgrades. CCFS was awarded a banking licence on 6th January 2015 and in doing so the business met the Basel III liquidity ratio requirements as well as undergoing an intensive review by the Prudential Regulation Authority. The ratings reflect the high level of industry experience amongst the senior management team. Stability of this group is demonstrated by the fact there have been no departures from the leadership team since Fitch’s first review of the company in 2012. The upgrade acknowledges the addition of an outsourced internal audit programme to an experienced third party supplier which further enhances the risk management framework of the business. The outsourced audit cycle is now in its second year and has completed eight audits to date. Fitch has taken a positive view of the independent review of the company’s processes. Simon Allsop, Head of Securitisation at CCFS commented: “The ratings upgrades confirm that CCFS is one of the leading servicers of securitised pools of assets in the UK; something that is further demonstrated by the arrears performance of the 6 public transactions on which we are named servicer.” Sebastien Maloney, Chief Financial Officer at CCFS added: “we have issued over £800m in our PMF securitisation programme so far and the recognition of our improved financial strength by Fitch is good news for existing and future investors.” For further information, please download the reports from Fitch Ratings’ websites. Read more New Bank launches with competitive savings accounts 02 March 2015 The UK’s newest bank, Charter Savings Bank has unveiled a portfolio of savings accounts designed to meet the needs of UK savers. The accounts, available from today (2nd March 2015) will focus on meeting the needs of those saving for both the short and long term, and those seeking a regular income from their savings. Charter Savings Bank offers three core savings account types: Easy Access, Notice and Fixed Rate Bonds, for deposits from £1,000 to £250,000. Each account boasts attractive rates and straightforward features: Easy Access variable rate of 1.25% AER* - Ability to pay in and withdraw funds at any time with no notice and no penalties 95 Day Notice variable rate of 1.75% AER* - Access to funds after providing 95 days’ notice, with no early withdrawals and no interest penalties A full range of Fixed Rate Bonds (1,2,3,4 and 5 years) ranging from 1.80% AER*up to 2.50% AER*, allowing customers to lock away their funds whilst knowing what interest they will receive. All accounts are available with monthly or annual interest payments, giving savers the option to draw a regular income from their savings. The bank announced approval of its banking licence by the Prudential Regulation Authority (PRA) in January 2015 and represents an alternative to traditional banks, providing accounts that offer a straightforward and transparent savings solution for a customer base which is currently struggling to achieve its financial goals. The online bank, which removes the cost associated with a physical presence on the high street, is a UK bank for UK savers with a dedicated UK telephone customer support team that operates seven days a week. Charter Savings Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, which protects customers’ eligible deposits up to a total of £85,000. Ian Lonergan Chief Executive Officer of Charter Savings Bank commented: “When we launched Charter Savings Bank our vision was simple: to create straightforward savings accounts with competitive rates, backed by reliable service, to help savers meet their financial goals. We know a significant number of savers are struggling to achieve good returns on their savings in today’s economic climate, but we are confident that our accounts will provide a better deal for customers.” Paul Whitlock Director of Savings Charter Savings Bank: “We’re proud of our core products which aim to provide a portfolio of saving accounts with something for everyone, whether they need access to their funds straightaway or if they want to put them away for a longer term. Increased choice from banks will benefit consumers, not just in price, but also in the service they receive.” Customers can stay up to date with product information by visiting www.chartersavingsbank.co.uk and by following the bank on Twitter @Charter_SB and on Google+. Read more Charter Court Financial Services to launch new challenger bank 07 January 2015 Prudential Regulation Authority (PRA) grants new banking licence New Bank will be called Charter Savings Bank Online savings products will launch in early 2015 Charter Savings Bank, a dedicated savings proposition from Charter Court Financial Services Ltd (CCFS), will launch in early 2015 following the approval of its banking licence by the Prudential Regulation Authority (PRA). The Bank joins a small group of challenger brands who have recently moved into the retail banking space and comes at a time when savers are suffering from a lack of options from high street banks. Acting as a true challenger, Charter Savings Bank will represent a real alternative to traditional banks, bringing a straightforward, transparent savings solution for a discerning customer base which is currently struggling to achieve its financial goals. The new Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, which guarantees eligible customers’ deposits up to a total value of £85,000. The online and telephone based proposition, which removes the cost associated with a physical presence on the high street, is set to launch early 2015 and will be a UK bank for UK savers. The products will focus on offering attractive and competitive rates across easy access, notice and fixed rate savings accounts supported by excellent customer service. CCFS has made a number of senior board appointments to support the launch of the banking proposition and the future growth of the company. Philip Jenks becomes CCFS' Chair after a forty year career in retail banking. Ian Ward, former Chief Executive Officer of Leeds Building Society has been named Vice-Chair and will be responsible for overseeing the savings proposition. Tim Brooke, formerly a partner of PWC who has held senior positions at several retail banks, joins the Board with specific responsibility for overseeing the Bank’s risk functions. In addition, Ian Wilson joins with a wealth of retail banking experience as the Bank’s Chief Risk Officer. Ian Lonergan, Chief Executive Officer of CCFS, will take overall control of running the new Bank. Paul Whitlock, formerly Director of Savings at Shawbrook Bank, has been appointed Director of Savings at Charter Savings Bank and is the chief spokesperson on banking issues. Ian Lonergan said: “We see the development of a retail banking proposition as a logical extension for our business, enabling it to diversify into new markets and build a sustainable and competitive business model for the future. Being granted this licence by the PRA demonstrates the strength of our offering and the ambitious plans we have to champion savers and help them realise their financial goals.” Paul Whitlock, commented: “We will bring competitive rates and excellent, reliable service to a customer base which has too often been taken for granted by high street banks. A significant number of savers are dissatisfied and feel unrewarded in today’s economic climate and we intend to provide new options that meet their needs.” He added: “It’s high time, in what has become a listless market, that straightforwardness and robust rates are re-introduced to the market. Charter Savings Bank aims to do just that.” Read more Precise Mortgages Issues Third Securitisation 03 December 2014 Charter Court Financial Services Limited (CCFS), under its brand name Precise Mortgages, issued its third public securitisation last week (Precise Mortgage Funding 2014-2 PLC). The deal follows on from CCFS’ two previous transactions, both of which continue to perform exceptionally well. The £230 million Fitch and S&P rated transaction brings CCFS’ total issuance since December 2013 to over £600M. All loans in the transaction have been originated by Precise Mortgages in the last 12 months All loans have been subject to a combination of automated and manual underwriting All loans have been credit scored using a suite of Experian scorecards All home owner loans are income verified and affordability has been stressed to a minimum of the higher of the current or reversion rate plus at least 2%, and more recently 3% Buy to let loans have a minimum interest coverage ratio of 125% with the average being 154% No loans are currently in arrears or have ever been in arrears since origination CCFS, acting under its brand name Exact Mortgage Experts, retains servicing of the portfolio. Exact is a premium Fitch rated UK third-party mortgage administrator with Fitch ratings of RSS2- for its Special Servicing and RPS3+ for Primary Servicing. For further information, you can download the New Issue reports from Fitch Ratings’ and S&P’s websites. Read more Precise Mortgages Completes Latest Securitisation 29 July 2014 Charter Court Financial Services Limited (CCFS), under its brand name Precise Mortgages, has completed its second securitisation (Precise Mortgage Funding 2014-1 PLC). The Fitch and S&P rated deal was successfully placed with a number of key institutional investors and was more than two times oversubscribed on the senior notes. The transaction follows on from CCFS’ inaugural securitisation (PMF No.1) in late 2013 which remains 100% performing. The details of the latest securitisation, which closed on 22nd July, are as follows: CCFS were able to increase their overall deal size to £235MM, bringing the total placed in capital markets since December 2013 to £400MM. Strong demand enabled CCFS to price their AAA rated £200MM senior note at just 80 basis points over three month Libor; an improvement of 35 basis points relative to their first deal. The improvement was even more significant across all notes placed, with overall costs of funds at close coming in 55 basis points tighter than PMF no.1 at 88 basis points over three month Libor. The new securitisation will support Precise Mortgages’ ongoing commitment to extend more loans to creditworthy borrowers in both the home owner and Buy to Let spaces. Simon Allsop, Head of Securitisation of Precise Mortgages, commented: “Our second securitisation was heavily oversubscribed, drawing in a range of investors from Europe and beyond, and highlighting that demand for high quality mortgage loans remains incredibly strong. Diversifying our funding base in this way supports Precise Mortgages’ on-going new lending programme. To date we have lent over half a billion pounds in the home owner and BTL spaces, yet there is clearly still a significant need which our successful securitisation will help us address.” Read more << < 1 2 > >> Archive April 2015 Fitch upgrades Securitiser Ratings March 2015 New Bank launches with competitive savings accounts January 2015 Charter Court Financial Services to launch new challenger bank December 2014 Precise Mortgages Issues Third Securitisation July 2014 Precise Mortgages Completes Latest Securitisation Precise Mortgages Issues Second Securitisation June 2014 Charter Court Financial Services Prepares For Second Securitisation April 2014 Charter Court Financial Services expands its Wolverhampton base Media contacts View here About us About us Contact us Media contact Careers Legal Cookie policy Legal notice Privacy policy Website terms and conditions News Latest news Media contact Bond Investor Reporting Investor reporting Loan level data and cash-flow modelling Charter Court Financial Services is a trading name of Charter Court Financial Services Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register Firm Reference Number 494549). Registered in England and Wales with company number 06749498. Registered office: 2 Charter Court, Broadlands, Wolverhampton WV10 6TD. Copyright © Charter Court Financial Services 2014.