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Metro Bank buys £523m buy-to-let mortgage book from Capital Home Loans
Metro Bank is set to acquire a portfolio of UK mortgages from Capital Home Loans Limited for £523m, with the deal is expected to complete on March 1.
The portfolio consists of variable rate buy-to-let loans, with a similar credit risk profile to Metro, the lender today said.
Lending in the portfolio is predominately in London and the South East, with the rest spread across the UK.
Earlier this week, Metro revealed its first ever annual profit and mortgage lending of £6.2bn.
Metro chief executive Craig Donaldson said: “As our results this week demonstrated, our lending and deposit growth continues to be exceptionally strong.
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“However, the acquisition of the portfolio announced today, evidences our ability to take advantage of opportunities when they meet our risk return profile.
“This high-quality loan portfolio further strengthens our high growth, organic business model, and complements our conservative risk appetite.”