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MExpress buys £470m

  • 07/04/2003
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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.’


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