View more on these topics

Bridging lender completes £100m securitisation

Bridging lender Amicus has completed a £100m short-term mortgage-backed securitisation.

The bond is made up entirely of regulated short-term loans, with a scheduled maturity date of July 2018. The average LTV is 60 per cent while the terms of the loans range from six to 18 months.

Historically, securitisation has not been used for short-term funding deals because of the complexity and set-up costs.

Amicus chief executive John Jenkins says the bond will be used to “drive our growth ambitions in the short-term lending market”.

He adds: “The UK mortgage market is seeing a sustained and growing appetite for short-term property finance driven by the tightening of mainstream bank underwriting requirements; recent changes to planning laws; and the inability of some lenders to act sufficiently quickly to respond to demand.

“There is clear investor demand for this type of short-term mortgage-backed security. Many institutions are increasing their focus on the alternative finance sector as a means of enabling enhanced returns without taking on large risks. Given the continued appetite for short term property finance, we anticipate significant growth in demand for short-term syndication of this class of debt through bond issuance.”

Brookland Partners and HSBC were advisers and agents to Amicus, which is owned by Omni Partners, the London-headquartered investment manager.



Insurers pay out £3.4bn on protection

Insurers paid out £3.4bn to protection policyholders in 2014, industry figures show. Association of British Insurers members saw a total of 131,543 claims in 2014, up 28 per cent from the 2013 figure of 102,384. The increase came from a surge in claims for whole-of-life insurance policies, which rose from 43,529 to 72,962 year-on-year. The […]


L&G to cut hundreds of jobs with office closure

Legal & General will slash at least 250 jobs following its decision to close the flagship Kingswood office. In June, Mortgage Strategy’s sister title, Money Marketing, revealed the insurer was planning to leave its iconic Surrey headquarters. A note sent to all staff from the HR department, seen by Money Marketing, confirms the office will […]


L&G creates MCD matrix detailing lenders’ changes

Legal & General Mortgage Club has launched a Mortgage Credit Directive matrix so brokers know what changes lenders are going to make to comply with the incoming rules. It details when lenders will adopt the rules, whether they will use the KFI+ or the new European Standardised Information Sheet and when they will introduce the […]


Barclays moves to loosen LTI criteria again

Barclays has again loosened its loan-to-income criteria by reducing the threshold at which its five-times income multiple cap applies. In March, the lender increased its maximum LTI for loans over £300,000 to five times income. Then, in June, it applied the higher LTI cap to loans of £200,000 or more. Now the cap applies to […]


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now