A few years ago, FinMark Trust began to explore the performance of mortgage loans in South Africa, segmenting the market between loans originated in terms of the Financial Sector Charter (FSC) – the first phase of which took place from January 2004 – December 2008, and the rest of the market. The analysis showed that after some variation in the early months of lending, performance of the two cohorts was more or less on par, very close. This workbook sets out the findings of the third series of analyses and includes a new group of loans, the so-called “affordable market”, comprising loans originated between January 2009 – December 2011, after the first FSC phase ended and before the second FSC started. We have been unable to publish this analysis up until now, because we were waiting to secure permission to use the data, from the Credit Providers Association. This has now been received, and we are working on a fourth series of analyses, which are due to be launched in April 2015.