Amber Homeloans Limited has sold buy-to-let mortgage assets worth in excess of £23m to Newbury Mortgage Services, a wholly owned subsidiary of Newbury BS.
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 £2bn.
This portfolio sale will allow NMS 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, says: “The sale of small to medium-sized assets like this is an integral part of Amber's business. The company 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 Amber's success in originating new mortgages, it has the assets to support the balance sheet of local and regional lenders. This is the first time it has partnered Newbury in a transaction and hope this relationship will continue long into the future.”
Nigel Fleming, chief executive at Newbury, says: “Newbury's core business remains the provision of housing finance through its branches. However, when quality portfolios such as this become available the company will take the opportunity to add the assets to its balance sheet.”