Amber 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, the value of which is approaching £2 billion.
This portfolio sale will allow Newbury Mortgage Services to further develop its mix of lending business, whilst borrowers will not see any change to the terms and conditions of their mortgage as a result of this transaction.
Gordon Jolly, managing director of Amber Homeloans Limited, said, “The sale of small to medium-sized assets, like this, is an integral part of our business. We experienced a high demand for such portfolios at the end of 2003 and this deal will be part of a busy ongoing programme of sales in 2004. Due to our success in originating new mortgages, we have the assets to support the balance sheet of local and regional lenders. This is the first time we have partnered Newbury in a transaction and we very much hope this relationship will continue long into the future.”
Nigel Fleming, Newbury's chief executive, expressed his satisfaction with the deal and said “Our core business remains the provision of housing finance through our branches. However, when quality portfolios such as this become available we will take the opportunity to add the assets to our balance sheet'.
