Metro Bank snaps up £600m mortgage book from Cerberus

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Metro Bank has bought a £596.7m book of UK mortgages from Cerberus European Residential Holdings.

The portfolio is around 92 per cent buy-to-let, with the rest being owner-occupier loans.

Metro Bank chief executive Craig Donaldson says: “The portfolio complements our existing mortgage book and demonstrates our willingness and ability, helped by our strong deposit growth, to take advantage of opportunities as they arise.”

Metro Bank is funding the deal using existing resources.

The weighted average LTV of the portfolio is around 70 per cent.