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Mortgage Express acquires GMAC-RFC portfolio

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.”


Aberdeen to contest watchdog ruling

Aberdeen Asset Management plans to appeal against a provisional Financial Ombudsman Service judgement which could force it to pay compensation to thousands of investors. The FOS adjudicator has ruled in a lead case that an investor in AAM&#39s progressive growth unit trust &#45 which invested in split caps &#45 is entitled to compensation. But AAM […]

SOFA&#39S view

I am writing this at the end of my first day as Sofa managing director. It was a hectic day that proved to be everything I had hoped – challenging, exciting and with a warm welcome from the Sofa and CII teams. The issue of professional status, qualifications and competence has been debated endlessly over […]

Abbey says no WP bonuses from life arms

No annual bonus will be paid for the with-profits policies of Abbey National Life, Scottish Mutual and Scottish Provident except where guaranteed rates of bonus apply, Abbey has admitted. Terminal bonus rates will also be reduced for unitised and traditional with-profits policies from March 2004. Abbey says the stockmarket recovery has been too short and […]

Abbey in shake-up for wrap

Abbey&#39s group marketing director is taking charge of its criticised wrap platform as part of a major structural reorganisation which will see the management team handed other responsibilities. Janet Connor is taking on the role largely performed by marketing director of wealth management and banking Hugo Thorman. Head of wrap for intermediaries Steve Conley is […]


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