View more on these topics

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.

Recommended

Elephant sees record October

Elephant, the mortgage and loans packager floated last week on the Alternative Investment Market, says it will continue to exceed budget with October being a record month for turnover and profits. It says its shares have been over subscribed, with 21,666,6666 shares issued at 3p a share, and a market value of £6.3m.

HBOS unveils 10 to let deal

HBOS is expanding its portfolio products across the three brands, The Mortgage Business, BM Solutions andBank of Scotland, to include a 10 tolet product. Available at first through TMB, the product will allow borrowers to have as many properties as they want, provided theydon’t exceed the 10m mark.

Providers are helping clients to bypass brokers by using internet offers

From Martyn Harris You bet. What’s more, the product providers seem to be helping them in this venture – and it appears they don’t mind clambering over us poor, heavily compliant intermediaries to get their targets. I didn’t ever think I’d see the day I’d lose a case in this way but quite recently I […]

Openwork awards e.surv panel management contract

Openwork, the 2,300 strong directly authorised multi-tie network, has awarded e.surv its panel management contract.The contract comes into effect after the existing contract expires in the first week in January.Richard Sexton, business development director at e.surv, says: “e.surv is delighted to have been chosen by a significant industry player such as Openwork. “We have already […]

Thumbnail

Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

Newsletter

News and expert analysis straight to your inbox

Sign up