In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Andrew Lynch, Vice President and Sector Lead of European Structured Finance Ratings, Surveillance, and Clare Wootton, Vice President of European Structured Finance Ratings, Surveillance, to discuss the UK residential mortgage-backed securities (RMBS) market.
The UK mortgage market has remained broadly resilient through a challenging period, although borrower experiences have varied significantly. Prime borrowers, nonprime borrowers, and buy-to-let (BTL) landlords have responded differently to higher borrowing costs, refinancing pressures, and evolving regulatory requirements, with those differences becoming increasingly evident in RMBS performance.
In this episode, we explore developments across the UK housing and mortgage markets and examine what recent performance trends reveal about prime, nonprime, and BTL RMBS. We discuss why legacy pools are performing differently from more recently originated ones and consider how regulatory developments and the interest rate outlook may shape the market in the period ahead.
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