OneSavings Bank plc has announced its first securitisation transaction.
Rochester Financing No. 1 PLC will sell £253m of Class A mortgage backed securities (expected ratings AAA/AAA from S&P and Fitch) and £20m of Class B mortgage backed securities (expected ratings AA+/AA from S&P and Fitch)
“This transaction represents strategic diversification of our funding profile and extends the maturity of our liabilities whilst validating the high quality of our asset base” said Andy Golding, group chief executive of OneSavings Bank plc.
“We are also pleased to announce our intention to offer mortgages through the Help to Buy mortgage guarantee scheme in early 2014, PRA capital rules permitting.”
OneSavings Bank plc, the lender that owns a number of mortgage brands including Kent Reliance, Prestige Finance and InterBay Commercial, has also signalled its support for Help to Buy.
Golding added: “Our support for Help to Buy, coupled with this diversification of funding, is a clear signal of that on-going commitment.”
Stephan Wilcke, OneSavings Bank plc chairman, said: “This is another important milestone in the turnaround and growth plan for OSB, establishing ourselves as a challenger bank.
“Our current trading both in volume and profitability is ahead of our previous expectations and we are cautiously optimistic about the future.”
