View more on these topics

B&B completes purchase of Kensington loan portfolio

Bradford & Bingley announced the completion of the purchase of a mortgage loan portfolio from Kensington Mortgage Company, a wholly owned subsidiary of Kensington Group, for around 204m.

The purchase, funded from B&Bs existing resources, has been made by Mortgage Express, its wholly owned subsidiary.

The portfolio has an average loan size of approximately 122,000 and an average LTV of approximately 78%. All the loans are secured on UK residential property. In addition to reviewing the credit controls Kensington Mortgage Company employed in originating the loan portfolio,

Mortgage Express has tested the loan book using its own credit scoring processes. The portfolio has a credit profile of near prime, very light and light adverse loans and includes customers with lower credit characteristics than the Group’s standard selective lending.

The Group previously purchased a similar portfolio from Kensington Mortgage Company in February 2004 and the performance of this portfolio is in line with expectations. The Group will continue to closely monitor the performance of both portfolios against the higher returns they offer.

This latest loan portfolio acquisition will increase the B&B Group’s total managed assets, which stood at 39bn on June 30 2005, by around 0.5%.


Abbey Residential Property Plan to close to investment

The Abbey Residential Property Plan marketed in association with Knight Frank Corporate Finance closes to investment on November 4. This 10-year investment is designed to provide both capital protection and offer investors exposure to the UK residential property market without the risks that come from buying property as an investment. The Plan tracks the Halifax […]

Home of Choice eyes smaller networks

Home of Choice is in talks to acquire smaller networks, and says it has recruited a well-known member of the industry to help design exclusive mortgage products.Richard Coulson, managing director of Home of Choice, predicts that the network will double its current 1,100 applications in the next three years, to over 2,000.Coulson says it has […]

The Mortgage Mole

TOP MANWould you Adam and Eve it – Mortgage Strategy has a new boss. Well, at least for a week. The John from John Charcol coughed up 9,000 for the privilege at the charity auction at this year’s Broomstick Ball for Cancer Research. The event, organised by Bristol & West sales terrier Dierdre McManus, raised […]

Mark Lofthouse, CEO, Mortgage Brain

“Many thought M-Day would strangle business but we’re all still thriving. Brokers now use more features in Mortgage Brain, and electronic trading has gone through the roof.”


News and expert analysis straight to your inbox

Sign up