The purchase, which is the largest deal of its kind by The Hanley, is being made through the Society1s subsidiary, Hanley Mortgage Services Ltd. In a similar deal in December 2003, The Hanley purchased an £18 million mortgage book also from Amber Homeloans.
Head of Lending Alan Hagan said that as well as increasing The Hanley1s mortgage assets the purchase would expand the Society's customer base.
"While much of our activity is focused on our North Staffordshire heartland, the purchase of these mortgage assets adds a pool of new customers from across the country to whom The Hanley1s products and services can be offered. This strategy compliments our localised lending," he said.
"Our new customers will receive the same high level of personal service which has made The Hanley a distinctive and successful provider. Our last mortgage book purchase worked well and feedback from those new borrowers has been positive and complimentary."
Gordon Jolly, Managing Director of Amber Homeloans commented: "I am very pleased that Amber has once again been able to partner The Hanley, providing them with mortgage assets for their largest transaction to date. The Hanley and Amber have developed a strong relationship, established in 2003, and we look forward to working together again in the near future."