UK Mortgages Ltd Monthly Factsheet March

 
TIDMUKML 
 
31/03/2016 
 
                             UK Mortgages Limited 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                 number 60440) 
 
Investment Update 
 
The Board of UK Mortgages Limited (the "Company") and TwentyFour Asset 
Management LLP (TwentyFour) are pleased to present an update on progress with 
further investments. 
 
Existing transactions 
 
The portfolio has continued to perform as expected, with just one loan in 
arrears out of a total 1703 accounts, which has since cured and is now fully 
current.  This performance is materially better than the industry average. 
 
New transactions 
 
The portfolio management team remains fully engaged on a number of prospective 
opportunities with the aim of fully investing the Company's capital in as 
timely a manner as possible. As stated previously, transactions are generally 
subject to non-disclosure agreements, as full disclosure before final closing 
would lead to a loss of competitive advantage. However, we have endeavoured to 
provide as much detail as possible on deal progression. 
 
1 - The Mortgage Lender (TML) 
 
The fund has continued to make steady progress with an exclusive arrangement 
with TML.  Since the last NAV publication, we have finalised the mortgage 
product details, hedging and other key parts of the transaction, and are 
currently working on the final component which is interim financing 
pre-securitisation.  This deal is expected to close within the next 4-6 weeks 
and we will inform investors when completion has taken place. 
 
2 - Vintage pools 
 
We are in continued discussions on two vintage pools of mortgages.  Both of 
these pools were originated pre-2007, and are different in nature and from 
different originators. Neither sale is driven by asset performance, which is 
strong in both cases. Both pools are more than large enough to enable a public 
senior securitisation subsequent to initial purchase. 
 
3 - Buy to Let 
 
The news regarding this segment is unchanged from the previous month. 
TwentyFour continues to be in discussions with a mainstream mortgage lender 
regarding a portfolio of newly originated BTL loans, although timing 
expectations on this are now likely to fall into Q3 2016. 
 
 4 - New Opportunities 
 
The team is fully engaged in a pipeline of additional investments for the Fund 
and will continue to keep investors updated on progress as and when 
appropriate.  We have been pleased to note that a couple of the transactions we 
are considering are as a result of reverse enquiries from seasoned market 
participants. 
 
5 - Business Developments 
 
From a business perspective, the team has been bolstered by the addition of 
further resource.  The mortgage business is now supported by three partners and 
five further professionals.  This demonstrates the commitment of time and 
resources that we have given to the strategically important business line. 
 
Copies of the factsheet can be downloaded from the Company's website: 
www.twentyfouram.com/funds-and-services/uk-mortgages-ltd 
 
Or can be viewed here: 
http://content.prnewswire.com/documents/ 
PRNUK-1605160909-A2C0_UK_Mortgages_Ltd_Factsheet_March_2016_CC.pdf 
 
For further information, please contact: 
John Magrath    +44 (0)20 7015 8900 
 
 
 
END

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