Amber sells 14m of mortgage loans to the Scottish

Amber Homeloans has announced its 50th portfolio transaction following the sale of 14.2m of mortgage loans to the Scottish.

This is the first transaction between these two organisations and was brokered by Mutual One.

Mark Smitheringale, director of asset trading at Amber, says: “We are delighted to have established this relationship with the Scottish and look forward to continuing to strengthen our relationship with its in the future through further sales.

“So far this year, Amber has been involved in the transfer of 640m of mortgage assets, comprising a mixture of sales and acquisitions. Asset trading continues to be an integral part of our business strategy.”

Jim Dunn, head of mortgage lending at the Scottish, says: “We are very pleased to develop our mortgage base in Scotland with this transaction and similarly look forward to working further with Amber in the future.”

The mortgage book transaction has been handled by Balfour Manson on behalf of the Scottish, and by Pinsent Masons on behalf of Amber.