Amber Homeloans Group today announced the sale of mortgage assets worth £30 million to Saffron Walden Mortgage Services Limited, a subsidiary of the Saffron Walden Herts & Essex Building Society.
Saffron Walden Herts & Essex Building Society will now take over the administration of this residential mortgage book.
Amber, which is a wholly owned subsidiary of Skipton Building Society, is a lender in the specialist mortgage market. Its management team have gained extensive experience over the last few years in selling and purchasing bulk prime and specialist mortgage portfolios.
The company focuses on four niche lending areas including light/medium adverse, self certification, 100% loans and buy to let mortgages.
Gordon Jolly, Managing Director of Amber Homeloans Limited, says: “Portfolio sales are an integral part of Amberís strategy as a creator and trader of mortgage assets and this deal brings our total number of sales in 2002 to three. This is the first time we have worked on a transaction with Saffron Walden Herts & Essex Building Society. We very much hope this relationship will continue into the future.”
John Whittaker, Chief Executive of the Saffron Walden Herts & Essex Building Society, adds: “This purchase of £30 million worth of mixed mortgage assets is part of our programme to develop our subsidiary operation which supports our overall growth as the regional building society in Essex, East London and West Hertfordshire. We are pleased to do business with such professional people.”