The deal will see more than 14,000 Bank of Ireland mortgage customers transfer to Nationwide’s subsidiary, The Mortgage Works, in December 2011.

The mortgages are all in England, Scotland and Wales, with an average LTV of approximately 50%.

Nationwide has confirmed that, at the time of the deal, none of the accounts are in arrears.

Graham Beale, chief executive of Nationwide, said: “This is excellent news for Nationwide and for our customers. We have acquired a high quality portfolio of low-risk mortgages with an impressive LTV ratio that brings real value to the society.”