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Charter Court kicks off dividend payments as buy-to let market remains buoyant

The mortgage loan book rising by 29% to £5.7bn including a 4% rise in new mortgages to £1.36bn.

To let sign
Professional landlords are still borrowing

Specialist buy-to-let lender Charter Court Financial Services PLC (LON:CCFS) posted bumper interim profits and upped its full-year expectations as the professional lettings market remains strong.

Demand from landlords remains healthy said the challenger bank with the mortgage loan book rising by 29% to £5.7bn including a 4% rise in new mortgages to £1.36bn.

Net interest margin dropped a little to 3.08% but costs also fell as a proportion of income.

Overall, profits in the six months to June rose to £93.1mln (£59.1mln), which included a £36.4mln gain from the sale of a batch of securitised mortgages.

Dividend

The bank also announced an inaugural dividend of 2.8p and raised its future payout ratio to 25% of earnings.

Ian Lonergan, chief executive, said it had seen strong uptake of its specialist buy to let products with the quality of the loan book reflected in arrears of only 0.1%.

Charter raised its forecast for originations to £2.7bn for the full year from £2.5bn previously with the net interest income to remain above 3%.

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