The first transaction was a £352m securitisation of specialist first charge Residential and Buy to Let mortgages originated by Pepper Money. This was followed by a £277m securitisation of second charge mortgages originated by Optimum Credit.

Both transactions attracted strong investor demand and were over-subscribed in a competitive market and uncertain economic environment. Last week both Pepper Money and Optimum Credit signalled increased lending appetites with the launch of improved products and criteria.


Laurence Morey, CEO of Pepper Money, said:

“The success of these securitisations is particularly pleasing given the completely unprecedented environment we have lived through in the last six months and the challenges faced by non-bank lenders. It is reassuring that there continues to be such strong investor demand for high-quality assets and this provides us with a solid foundation on which we can confidently continue grow our first and second charge lending volumes.

“We will, of course, remain cognisant of the changing environment and maintain a robust and appropriate approach to underwriting, but we do so with an honest appetite to lend and a deep commitment to supporting our intermediary partners. I am confident that the challenges we have overcome will help us to establish a stronger sector that is better able to deliver the solutions that brokers need to meet the changing needs of a diverse group of borrowers.”