The products include buy to let, self certified, near prime and sub-prime.
The assets originated will be sold to Lehman Brothers under an agreement. The bank confirmed this in its 2006 Pre-Close announcement to the City today.
Mehrdad Yousefi, head of intermediary mortgages, said: “We are very excited to be nearing our launch into specialist markets where we aim to bring additional choice and competition with market-leading mortgages. We are delighted that we will be able to provide a wider range of deals to suit the changing needs of borrowers. By working closely with mortgage intermediaries we can offer a ‘one stop shop’ for all clients’ needs.”
Alliance & Leicester will also focus on the prime residential mortgage market.
