Freedom Lending has today sold a 100m tranche of mortgage assets to Mortgages plc.
This is the first portfolio purchase to be made by Mortgages plc since the company was acquired by Merrill Lynch in October 2004.
It is the second deal of this kind for Freedom Lending following the sale of a 25m tranche to Cheshire Building Society in October last year.
The deal involves a mixed portfolio including prime, self-certification, buy-to-let and minor adverse mortgages.
Mortgages plc sales and marketing director Peter Beaumont says: “This is an important landmark for Mortgages plc as it is the first time we have been involved in the purchase of a mortgage portfolio. It is an important and ongoing part of our business strategy to build our asset base via acquisitions of this type, as well as through organic growth.”
Freedom Lending managing director Colin Snowdon says: “There is currently huge interest in portfolio acquisition, not only from the traditional building society market, but also now from a wide range of major international investment and commercial banks.”