Kensington eyes £2.5bn GE Money mortgage book

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Kensington Mortgages is reportedly in advanced talks to buy a £2.5bn mortgage book off GE Money Home Lending.

In April, Money Marketing sister-title Mortgage Strategy reported GE Capital had put its mortgage lending arm, GE Money, up for sale as it planned to concentrate on its industrial and manufacturing businesses.

Sky News quotes sources who say a deal could be done imminently, although other bidders could yet trump Kensington.

Blackrock and TPG purchased Kensington Mortgages for £180m in September last year, with the sale approved in February.

Last Month, Mortgage Strategy reported that the Kensington Group was looking to bring a new lending brand to market, called New Street Mortgages.