Mortgage Express has completed the purchase of a mortgage loan portfolio from GMAC-RFC for around £480m.
The acquired mortgages are buy-to-let, self-cert and standard mortgages. All lending in the portfolio is secured on UK residential property, and average loan size is approximately £117,000 with an average loan to value of approximately 74 per cent.
Mortgage Express agreed in December to acquire up to £1.4bn of loans from GMAC-RFC in 2004.
Mortgage Express managing director Tim Dawson says: “We are committed to growth, both organically and through acquisition. We are pleased to have once again successfully worked with GMAC-RFC on a deal that complements our strong organic growth.”