You are here: Home - News -

MExpress buys £470m

by:
  • 07/04/2003
  • 0
Mortgage Express has bought £470m worth of UK residential mortgages from General Motors' UK len...

Mortgage Express has bought £470m worth of UK residential mortgages from General Motors’ UK lending subsidiary, GMAC RFC.

The portfolio comprises just under 4,000 mortgages, and follows an earlier purchase worth £650m in September last year.

As part of the Bradford & Bingley (B&B) Group, Mortgage Express’ purchase will take total group assets to over £30bn.

The book of business is made up of self-certification loans (56%), buy-to-let loans (22%), with the remainder being mainstream products. The average loan size is £120,000 with loan to value averaging 73%.

Christopher Rodrigues, group chief executive of B&B, said: ‘This transaction reflects our stated strategy of driving growth both organically and through acquisition and represents a logical extension of the relationship with GMAC RFC.’

The news came as B&B announced an extension of its independent financial advice arm through a partnership with internet giant Yahoo!’s subsidiary, Yahoo! UK & Ireland.

The deal will see The MarketPlace’s services made available on all Yahoo! UK & Ireland websites.

Dominic Barton, group business development manager at B&B, said: ‘We are well placed to meet the needs of borrowers whether they want to transact online or face-to-face. Yahoo! UK & Ireland and The MarketPlace are both dominant players in their respective fields, so a link-up was a natural choice.’


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Secured mortgages

An increasing number of sub-prime lenders are securitising their business, and so brokers need to be aware of the implications...

Close