Mortgages plc completes securitisation deal

The bonds, which are predominantly AAA rated, have been issued via Merrill Lynch to a number of investors, including leading banks and insurance companies.

Tim Cooley, chief financial officer of Mortgages plc, said: “Not only have we been able to obtain excellent pricing with this deal, but we have also streamlined the process which is in place with our parent and deal arranger, Merrill Lynch. We have securitised over £3.1 billion of residential mortgages since inception and this is our third issue since our acquisition by Merrill Lynch last year.”

Mortgages plc has seen its new business application volumes grow by more than 100 per cent since the launch of its new product range and ‘On Demand’ online mortgage system earlier this year.