The purchase is the final one arising from an agreement announced in December 2003 to acquire from GMAC-RFC a minimum of £400 million, and up to £1.4billion, of loans in 2004 in four tranches.
All lending in the portfolio is secured on UK residential property and has a similar credit risk profile to previous portfolio acquisitions.
The acquired mortgages are expected to be, by value, approximately 15% buy-to-let, approximately 51% self-certified, with the remainder standard mortgages.
The book is expected to have an average loan size of approximately £133,000 and an average loan to value of approximately 67%.
Tim Dawson, Managing Director at Mortgage Express says: ‘‘This acquisition is the final one for 2004, and consolidates our strategy of growing our business both organically and through acquisition’’.
