Amber, a wholly-owned subsidiary of Skipton Building Society, is a lender in the specialist mortgage market. Its management team has gained extensive experience over the last few years in selling and purchasing bulk prime and specialist mortgage portfolios.
This portfolio sale will allow Ipswich to further develop its lending business and is the fourth sale Amber has made to a building society in 2002. Borrowers will not see any change to the conditions of their mortgage as a result of this transaction but will benefit by gaining membership rights as they become customers of a building society.
Gordon Jolly, managing director of Amber Homeloans, said, “The sale of small to medium-sized portfolios, such as this, is an integral part of Amber’s strategy as a creator and trader of mortgage assets. This deal takes the total value of sales to over £100 million so far this year. We have enjoyed working for the first time on a transaction with Ipswich Building Society and hope this relationship will continue into the future.”