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MPLC complete 575m securitisation

Mortgages PLC has completed its latest securitisation deal for a total of 575m.

Newgate 2007-1 is Mortgages PLCs 11th securitisation deal, and comprises predominantly AAA rated mortgage assets. To date Mortgages PLC has securitised more than 4.8bn of mortgages.

Tim Cooley, chief financial officer of Mortgages PLC, says: This is another successful securitisation for Mortgages PLC and were particularly pleased with the pricing Merrill Lynch has been able to achieve on this deal on our behalf.

Securitisation is vital to the success of our business and since being acquired by Merrill Lynch in 2004, we have been able to drive increased value from these transactions. This helps us to keep our products and pricing at the sharp end of what is a very competitive sector of the mortgage market.

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