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Saffron Walden mortgage arm buys £30m of Amber assets

Amber Homeloans has sold mortgage assets worth £30m to Saffron Walden Mortgage Services as part of its ongoing strategy to generate funds through portfolio sales.

The Saffron Walden Herts & Essex Building Society subsidiary will take on the administration of the mortgage book built up by Amber, the specialist lending arm of Skipton Building Society.

SWH&E BS says the mixed mortgage assets will be used to develop its mortgage services subsidiary in the Essex, East London and West Hertfordshire.

Amber says it has gained experience of selling and purchasing bulk prime and specialist mortgage portfolios over the past few years and will continue to focus on growing this part of the business.

Its four main product areas are light to medium adverse credit, self-certification, 100 per cent loans and buy-to-let.

Amber managing director Gordon Jolly says: “Portfolio sales are an integral part of Amber&#39s strategy as a creator and trader of mortgage assets and this deal brings our total number of sales to 2002 to three.

“This is the first time that we have worked on a transaction with SWH&E and hope that this relationship will continue in the future.”

SWH&E chief executive John Whittaker says: “This purchase of £30m-worth of mixed mortgage assets is part of our programme to develop our subsidiary operation which supports our overall growth as a regional building society.”

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