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UK Mortgages securitising Coventry BS portfolio

UK Mortgages Limited and TwentyFour Asset Management LLP have created Malt Hill No.1, a public securitisation backed by buy-to-let mortgages originated by Coventry Building Society Group. These mortgages were purchased in November 2015 by UK Mortgages Corporate Funding Designated Activity Company.

The securitisation transaction was announced on 23rd May, with a view to price the Class A notes before the end of the week. The class A is partially pre-placed at launch, the class Z will be entirely retained by UK Mortgages Corporate Funding Designated Activity Company. This makes the deal compliant with the capital requirements regulation (CRR) and directive (CRD IV) which lays down rules on how much ownership the entity creating a securitisation vehicle must retain.

The issuer will seek Bank of England and European Central Bank eligible status for the Class A.

As at 31st March 2016, the securitised provisional portfolio had a current balance of £302,659,881.39 and comprised 1,703 borrowers, with an average loan to value of 62.53%. Coventry will remain as servicer for this portfolio of mortgages, resulting in a seamless transaction for the borrowers.

UKML : UK Mortgages securitising Coventry BS portfolio

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