Amber continues to successfully originate in the specialist mortgage market and has recently launched three prime products. Its management team has gained extensive experience in selling and purchasing mortgage portfolios, a strategy which will continue during 2004.
This portfolio sale will allow Ipswich Building Society to further develop its mix of lending business. Borrowers will not see any change to the terms and conditions of their mortgage as a result of this transaction but will benefit by gaining membership rights as they become customers of a building society.
Gordon Jolly, managing director of Amber Homeloans Limited, said, “The sale of assets, like this, is an integral part of Amber’s strategy as a creator and trader of mortgage assets and this deal is part of a busy programme of sales. Due to our ongoing success in originating new mortgages, we now have the assets to support the balance sheet of local and regional lenders. This is the second time we have sold a mortgage portfolio to Ipswich, following a £25 million transaction in November 2002, and we look forward to building on this relationship in the future.”
John Whayman, chief executive and director of Ipswich Building Society, added, “We see acquisitions such as this as an important part of our lending mix. The first acquisition from Amber was highly successful and we are delighted to have been able to agree a further purchase.”
