Amber Homeloans has announced the sale of self-certification prime mortgage assets worth around £22m to the Ipswich.
Ipswich says this portfolio sale will allow it to further develop its mix of lending business. It says borrowers will not see any change to the terms and conditions of their mortgage as a result of this transaction but will benefit by gaining membership rights as they become customers of a building society.
Gordon Jolly, managing director of Amber, says: “The sale of assets like this is an integral part of Amber's strategy as a creator and trader of mortgage assets and this deal is part of a busy programme of sales. Due to our ongoing success in originating new mortgages, we now have the assets to support the balance sheet of local and regional lenders.
“This is the second time we have sold a mortgage portfolio to Ipswich, following a £25m transaction in November 2002, and we look forward to building on this relationship in the future.”