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Yorkshire Building Society launches £1.2bn securitisation

Bond will be used to support net mortgage lending growth.

Yorkshire Building Society has launched a £1.2bn securitisation which will be used to fund new mortgage lending.

The building society has retained £500m of the notes and the bond, called Brass No.3 plc, launched this week.

A spokesman confirmed the bond, which is made up of prime residential mortgages originated by its intermediary lending subsidiary Accord Mortgages, will be used to support “net mortgage lending growth”.

The average loan-to-value of the pool, which is made up of 6,329 mortgages, is 68.3 per cent.

The average current balance of the pool is £191,045 and the largest balance in the pool is around £1.5m. Interest-only mortgages make up 37 per cent of the pool.

Yorkshire launched its first residential mortgage-backed securitisation, a £750m deal, in June 2011. This was followed by a £1.4bn issue in September last year.

Figures from the Bank of England, published last month, showed Yorkshire had a cumulative net lending figure of £510m since the Funding for Lending scheme launched in August 2012, having drawn down £450m from the scheme. The society’s interim results, published in July, showed its gross lending hit £2.5bn in the first six months of the year, up from £2.4bn in the same period a year earlier.

London & Country associate director of communications David Hollingworth says: ”Yorkshire has been priced very competitively recently so if it has an ambition to grow net lending then that is positive for the market. And you would hope Accord gets a good slice of that increase.”

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