Just two months after achieving our second top 10 ranking in the Sunday Times 100 Best Companies To Work For, we were proud to be recognised as one of the UK’s most inspiring companies in an influential report created by London Stock Exchange Group.
Charter Court achieved 56% growth in mortgage originations to £2.5 billion and 96% growth in total mortgage lending to £3.81 billion.
The Group’s continued pursuit of a diverse funding strategy led to a further increase in retail deposits to over £3.4 billion.
Charter Court’s reputation as one of the most sophisticated providers of mortgage servicing was reinforced by a Fitch Ratings upgrade of our primary servicer operation rating to RPS2, matching our special servicer rating.
Charter Court’s funding capability and sustainability of the platform received a significant boost with the receipt of a banking licence, which paved the way for the launch of Charter Savings Bank. Further securitisation transactions brought total issuance to £1.16 billion.
In April 2015, Charter Court maintained its Fitch special servicer rating of RSS2, while its primary servicer rating was upgraded to RPS2-.
Within the first year of operation, Charter Savings Bank’s retail savings deposits surpassed £1 billion. Supported by the enlarged funding base, Charter Court achieved cumulative mortgage origination of more than £1.61 billion and a total mortgage balance sheet of £1.9 billion.
With second and third securitisations closed, Charter Court’s total public issuance reached £600 million.
Charter Court continued to pioneer the market as the first new securitiser of post-crisis mortgages. The success of the first transaction paved the way for a subsequent six securitisations, establishing Charter Court as one of the leading securitising entities in the UK. This provided Charter Court with a solid funding base, enabling further growth in lending. Subsequently, Charter Court launched the first public residential mortgage-backed security from a new post-credit crisis issuer and started to offer second charge lending.
Charter Court’s capability in mortgage servicing was recognised when Fitch Ratings granted the Group an upgrade for special servicing to RSS2-, and its first rating for primary servicing of RPS3+.
Cumulative credit analysis passed £6 billion whilst cumulative assets under management passed £1 billion.
Having identified a further opportunity in the market, Charter Court started offering bridging lending.
Charter Court was the first non-bank to achieve FSA authorisation as a mortgage lender post-crisis. On the servicing side, Charter Court boarded its first special servicing portfolio in May 2010.
Charter Court became the first post-crisis business to obtain authorisation from the FSA as a mortgage administrator. This allowed Charter Court to start managing loans on behalf of other institutions. During this period, mortgage servicing systems were built and loans managed grew steadily to a cumulative credit analysis of over £2 billion.
This bedrock of experience gave Charter Court the operating knowledge and infrastructure of a major, well-established financial institution.
Founded by its current management team, Charter Court Financial Services embarked on an exciting journey to become one of the UK’s leading specialist mortgage banks. In the depths of the financial crisis, with the UK economy and its mortgage market shrouded in uncertainty, the focus for the initial team of 27 experts was on mortgage credit analysis and collections.
The combined skills of the founding team were soon recognised by some of the world’s most sophisticated financial institutions - including hedge funds, private equity firms, investment banks, and local building societies - which employed Charter Court to provide due diligence services on loan books and an in-depth understanding of UK mortgage assets.