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Mortgages PLC completes £575m deal

Mortgages PLC has announced it has completed its latest securitisation deal worth £575m.

The portfolio, known as Newgate 2007-1, is the Merrill Lynch-owned lender’s 11th securitisation deal and comprises predominantly AAA-rated mortgage assets. To date Mortgages PLC has securitised more than £4.8bn of mortgages.

Chief financial officer Tim Cooley says: “This is another successful securitisation for Mortgages PLC and we’re particularly pleased with the pricing Merrill Lynch has been able to achieve on this deal on our behalf. 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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