Skipton Building Society is searching for a potential buyer for its third-party mortgage servicer subsidiary HML, Money Marketing understands.
It is understood that Skipton has issued a prospectus detailing its sales terms. It is not known if there has been any interest from potential buyers. Sources suggest Skipton has been looking to offload its non-core businesses in recent years.
Money Marketing revealed last August that Skipton was in talks with LSL Property Services over a deal for Pink Home loans, which eventually completed in October for £1.59m.
HML has had two high-profile account losses since the end of last year. In December, Money Marketing revealed GMAC-RFC had decided to bring administration of its £3.6bn mortgage book in-house. In January, Nat-ionwide Building Society decided to administer its own £2bn combined mortgage book.
The account losses have brought HML’s assets under management down from £44.5bn to £39bn.
HML has also cut around 550 jobs since March 2010, bringing its total workforce to just under 1,500.
Skipton and HML refused to comment.
London & Country head of communications David Hollingworth says: “Skipton is clearly going to keep everything in the group under evaluation and is reconciling which bits it does and does not want to keep.”