This is the fifth portfolio sale by Amber to Universal. The transaction was structured in a unique way with Universal purchasing half the mortgages at the end of May and the other half at the end of August.
Amber’s associate director asset trading, Mark Smitheringale commented “We are delighted to continue to strengthen our relationship with The Universal Building Society. Amber has been involved in the transfer of £623 million of mortgage portfolio assets so far this year, comprising a mixture of sales and acquisitions and this activity continues to be an integral part of our business strategy.”
Universal’s chief executive, Kevin Robinson said: ‘’The Universal has developed an excellent relationship with Amber over the past 5 years and this latest acquisition helps us both towards achieving our 2005 business objectives ‘’
The mortgage book transaction has been handled by Hodgson Maggoire on behalf of Universal, and by Pinsent Masons on behalf of Amber.
