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Vertex fails in move to acquire Skipton arm HML

Talks have broken down between Vertex and Skipton Building Society over the acquisition of the society’s third-party mortgage servicer subsidiary HML, Money Marketing understands.

Skipton has been looking to offload HML for some time.

It is understood Vertex was in talks to acquire HML last month but discussions have recently broken down.

HML has suffered a number of high-profile account losses in the past year.

In December, Money Marketing revealed GMAC-RFC was to bring admin of its £3.6bn mortgage book in-house. In January, Nationwide Building Society decided to administer its own £2bn combined mortgage book.

The losses bring HML’s assets under management down from £44.5bn to around £39bn.

Vertex managing director of financial services Mark Charlesworth left the firm this month and was replaced by chief operating officer Robert Coyle.

Skipton, HML and Vertex refused to comment.


TMW reduces rates by up to 1.4%

The Mortgage Works has cut its residential rates by up to 1.4 per cent and has extended its 20 per cent annual overpayment allowance to its entire product range. From tomorrow, the lender will offer a two-year fixed rate at 2.24 per cent up to 70 per cent loan-to-value and a two-year tracker at base […]

Absolute return funds are not letting investors down

I would imagine that with the ongoing global economic crisis, investors will be casting an eye over absolute return funds, given they aim to deliver positive returns even when stock-markets fall. But absolute return is a relatively new sector with a chequered history. It was no surprise that marketing departments were quick to lose the […]


FSA fines Sir Ken Morrison £210k over share sales

FSA has fined former Morrisons chairman Sir Ken Morrison £210,000 for failing to disclose his reduced shareholding and voting rights in the supermarket chain. Morrison retired as chairman of the supermarket in 2008. Shortly after his retirement, the company announced on March 28, 2008 that Morrison had a notifiable holding of voting rights of 6.38 […]

Europe committee revives plan for 14-day mortgage cooling-off period

A committee scrutinising the European Union’s mortgage directive has resurrected the idea of a 14-day cooling-off period for borrowers after a mortgage offer has been made. Plans for a 10-day cooling-off period were considered by the European Commission when it first began to formulate draft proposals for the mortgage credit directive. But in January, it […]


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