The first transaction was a £352m securitisation of specialist first charge Residential and Buy to Let mortgages originated by Pepper Money. This was followed by a £277m securitisation of second charge mortgages originated by Optimum Credit.
Both transactions attracted strong investor demand and were over-subscribed in a competitive market and uncertain economic environment. Last week both Pepper Money and Optimum Credit signalled increased lending appetites with the launch of improved products and criteria.
Laurence Morey, CEO of Pepper Money, said:
“The success of these securitisations is particularly pleasing given the completely unprecedented environment we have lived through in the last six months and the challenges faced by non-bank lenders. It is reassuring that there continues to be such strong investor demand for high-quality assets and this provides us with a solid foundation on which we can confidently continue grow our first and second charge lending volumes.
“We will, of course, remain cognisant of the changing environment and maintain a robust and appropriate approach to underwriting, but we do so with an honest appetite to lend and a deep commitment to supporting our intermediary partners. I am confident that the challenges we have overcome will help us to establish a stronger sector that is better able to deliver the solutions that brokers need to meet the changing needs of a diverse group of borrowers.”
For further information, journalists can contact:
Alex Hammond, Also Communications
T: 07855 303448
This press release is intended for intermediaries only.
About Pepper Money
Pepper Money is the brand name used globally by all Pepper Group companies to market consumer finance products.
In the UK, Pepper Money offers a range of residential and buy to let mortgages to borrowers who may be experiencing difficulties obtaining a mortgage from a high street bank or building society.
We only lend via intermediaries and our systems and service have been specifically developed for use by mortgage brokers.
Pepper Money is part of the Pepper Group, a diversified, global financial services business. Our senior management team are some of the most experienced in the UK mortgage industry and they have built a long-lasting reputation for creating innovative, flexible home loan products and services.
Pepper Money is authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.pepper.money
About Optimum Credit
Optimum Credit is a leading provider of second charge mortgages for homeowners in England, Wales and Scotland.
Based in Cardiff and Uxbridge, Optimum Credit offers a range of variable, fixed and discounted second charge mortgages from £5,000 to £1m, and all rates are based on the individual and personal circumstances of the customer.
In October 2018, Optimum Credit was purchased by Pepper Money as part of its ongoing UK growth strategy.
Further information can be found at www.optimumcredit.co.uk