As outlined in it’s parent company Irish Life & Permanent’s interim results, CHL’s mortgage balances outstanding increased by 30% to £5.4 billion as at 30 June 2007, compared to £4.1 billion as at 30 June 2006. The increase is based on particularly strong business flows.
In turn, gross new mortgage issues were ahead 62% to £1.1 billion compared with £0.7 billion at the same time in 2006 as CHL expanded its geographic distribution reach across the UK.
The increase in CHL’s mortgage business is complemented by the quality of its loan book which is indexed at 66% loan-to-value. Arrears (by case number) are also well below the market average at 0.3% compared to the industry’s 1.15% (source: Council of Mortgage Lenders).
CHL specialises in both the buy-to-let and the self-certification sectors and has over the first half of 2007 particularly expanded its capacity and coverage in the buy-to-let market.
Bob Young, managing director at CHL Mortgages, commented: “We are delighted to see CHL playing such a significant part in Irish Life & Permanent’s Group results which again have shown a significant improvement. It has been a particularly pleasing year so far in terms of performance with our loan book increasing and our credit risk indices not just remaining stable but improving in terms of applications, offers and completions.
“A major factor in our ongoing success has been the encouragement and support we have received from Irish Life & Permanent particularly its new Group Chief Executive, Denis Casey. We are now focused on the months ahead and intent on delivering a continued strong performance for all our stakeholders despite the turbulence that our competitors seem to be experiencing.”
