View more on these topics

MEX buys second tranche of GMAC portfolio

Mortgage Express has completed the purchase of a mortgage loan portfolio from GMAC-RFC for around £114m.

The purchase is the second arising from an agreement announced in last December to acquire from GMAC-RFC between £400m and £1.4bn of loans during 2004 in four tranches.

The total acquired by Mortgage Express so far in 2004 is £594m.

All lending in the portfolio is secured on UK residential property and has a similar credit risk profile to previous portfolio acquisitions.

The acquired mortgages are expected to be, by value, approximately 30% buy-to-let, approximately 46% self-certified, with the remainder of the book consisting of standard mortgages.


eMoneyfacts launches compliance centre for brokers

IFA web portal eMoneyfacts has launched a compliance centre offering help and advice for mortgage brokers preparing for FSA mortgage regulation. The service, which is free to all Moneyfacts subscribers, includes easy access to an experienced panel of compliance experts. If a broker cannot find the answer to a question on the site or if […]

MEX says lifetime customers are protected from base rate rise

Mortgage Express has responded to today&#39s decision by the Bank of England&#39s Monetary Policy Committee to raise the base rate to 4.5%, saying that its lifetime customers are protected from the increase. Tim Sturley, head of business development at Mortgage Express, says: &#39&#39Lifetime customers are generally viewed as vulnerable, but all of our lifetime customers […]

Bananas Inc joins up with SPML to launch discounted light adverse deal

Branded lender and packager Bananas Inc has joined forces with Southern Pacific Mortgage Limited to launch a discounted light adverse mortgage targeting those with moderate credit history problems. The semi-exclusive self-certification tracker product is at LIBOR plus 2.5% with a discount of 1.5% until September 2005, giving an initial interest rate of 5.65%. The product allows […]

Mortgage Next announces key appointments to team

Mortgage Next has announced several key appointments to its team. Jan Herlock has been appointed as regional sales manager providing support to brokers in the South West region and will report to sales director Mal McConechy. Herlock previously worked with Mortgage Express for nine years, where she had responsibility for sales in the South East, […]


News and expert analysis straight to your inbox

Sign up