Bluestone Mortgages has completed its inaugural residential mortgage-backed securitisation, Genesis 2019-1, which raised £210m of rated term funding for the lender.
The transaction comes after a period of growth for the form, having reported a year-on-year increase in completions of 275 per cent.
Over the last 12 months, Bluestone has processed in excess of £520m in mortgage applications from a growing network of accredited intermediaries.
The Genesis transaction represents an important milestone in diversifying Bluestone’s funding strategy, alongside two warehouse facilities provided by Macquarie Bank and National Australia Bank together with a forward flow arrangement with one of the UK challenger banks.
Commenting, Bluestone Group CEO Peter McGuinness said: “Securitisation has been core to Bluestone’s DNA since 2000, with the wider Bluestone group having completed in excess of 25 transactions across residential and equity release mortgages and motor finance loans.
“Completing Genesis before the end of the summer has been the target and is a testament to the quality of the portfolio we have originated; we are delighted to welcome a new set of institutional investors to the platform. With the shadow being cast by Brexit over the near term, our focus has been on clearing out the warehouse facilities and ensuring the business has a robust funding position going into 2020 to support the strong origination growth we are seeing.”
The bonds issued as part of Genesis were rated by both DBRS and Standard & Poors rating agencies, and the portfolio consisted of 1,091 mortgages with a weighted average LTV of 67%.
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories