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Express acquires further tranche from GMAC-RFC

Mortgage Express has bought a further tranche of mortgages worth £151m from GMAC-RFC.

The Bradford & Bingley subsidiary announced in April that it would buy three more mortgage loan portfolios from GMAC-RFC during the remainder of 2003 up to a total of £1.05bn. This tranche follows three mortgage portfolio acquisitions from GMAC-RFC totalling £1.38bn in September 2002, March 2003 and May 2003.

Mortgage Express says the loan portfolio will increase its managed assets, which stood at £7.9bn on December 31, by around 2 per cent.

Around 43 per cent of the acquired mortgages are 43 self-certified, 33 per cent are buy to let and the rest are standard mortgages. Average loan size for the book is £123,000 and it has an average loan to value of 71 per cent.

Managing director Tim Dawson says: “I am delighted that we have now successfully completed the acquisition of this tranche of mortgages. It further reinforces the mutually beneficial relationship we have forged with GMAC-RFC and which complements our strong organic growth.”

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