Amber, a wholly-owned subsidiary of Skipton Building Society, is a lender in the specialist mortgage market. Its management team has gained extensive experience over the last few years in selling and purchasing prime and specialist mortgage portfolios.
Formed in 1996, Preferred Mortgages is one of the UK’s leading lenders in the non-conforming market place - specialising in lending to customers who might otherwise have difficulty obtaining mortgage finance. This is one of several loan sales already completed by Preferred in addition to its successful securitisation programme.
Commenting on the move, Gordon Jolly, managing director of Amber, said: “The purchase of mortgage portfolios, such as this, is an integral part of Amber’s strategy as a creator and trader of mortgage assets. We buy a variety of product types and this sub-prime acquisition will further increase our spread. Having dealt with Preferred for two years, we are delighted the relationship has culminated in a first transaction with them.”
