The portfolio has a ‘light adverse’ credit profile and contains an average loan size of approximately £104,000, and an average loan to value of approximately 81%. All loans are secured on UK residential property.
John Maltby, Chief Executive of Kensington Group plc, says: ‘‘This is the second in the ongoing series, and first with Mortgage Express, which was initiated to complement our successful RMS securitisation programme. We are delighted to have completed this transaction with Mortgage Express with whom we have established a very strong working relationship’’.
Tim Dawson, Managing Director of Mortgage Express, says: ‘‘Mortgage Express is committed to growth, both organically and through acquisition. The purchase of this portfolio is consistent with our growth strategy and will undoubtedly strengthen our mortgage business’’.
This purchase comes as part of two portfolio acquisitions recently announced by Mortgage Express.
