An overview of mortgage‐backed securitisation in the UK

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Abstract
This paper discusses the factors that have led to the restructuring of the UK mortgage market during the 1980s and the role of mortgage backed securitisation in generating change. It describes the nature of securitisation, its development within the UK system, the specific mechanisms used and particularly the ways in which risks are assessed and mediated. After providing details of issues and an example of a specific vehicle, some of the problems arising from this approach are discussed in relation to risk, liquidity and cost. The article concludes by looking at the conditions necessary for securitisation to play a leading role in the provision of housing finance in the UK as well as some of the implications for mortgagors and lenders.

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