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Building society announces £220m mortgage portfolio sale

Mortgage portfolio

Skipton Building Society has announced the sale of a mortgage portfolio worth approximately £220m.

The building society’s subsidiaries, Amber Homeloans Limited and North Yorkshire Mortgages Limited – who both ceased lending in 2008 – have agreed the sale to an affiliate of a fund managed by a global investment management firm.

The portfolio comprises approximately 1,600 UK mortgages and is designed to reduce the group’s exposure to current or recent non-performing mortgages.

David Cutter, group chief executive of Skipton Group, said: "This is a good transaction for our members as it strengthens an already strong balance sheet and allows us to focus on our core target market."

The transaction is due to complete by the end of April 2017, after which affected borrowers will be contacted as soon as practically possible.

Customers do not need to take any action at the present time and the sale is not subject to regulatory approval.

Computershare will continue to service the loans after their sale and also become the master servicer.

Morgan Stanley acted as adviser to Skipton Building Society during the sale.

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