Ipswich buys £30m mortgage portfolio

Ipswich signed the purchase agreement with SPML on June 2 after several weeks of negotiation with the London-based lender. The SPML purchase is the latest such deal for Ipswich. In recent years it has acquired mortgage assets from Future Mortgages, Colchester Council, Merton Council, San Paolo Bank in London and Amber, part of Skipton Building Society. Last year’s Amber deal brought Ipswich a portfolio worth £27 million.

The society acquires mortgage books to boost its presence in specific lending areas. Futures Mortgages gave Ipswich access to a non-conforming portfolio and Amber brought a more conventional book, much of which was in self-certification.

The society is looking to make further acquisitions later this year.