This is the second sale to close between GMAC-RFC and Mortgage Express in 2005. The total value of all portfolios acquired by Mortgage Express during 2005 is £461m.
All lending in the portfolio is secured on UK residential property and the products are much the same as Mortgage Express products in terms of loan terms and credit criteria.
The acquired mortgages are expected to be, by value, approximately 17% buy-to-let, 55% self certified and the remainder standard mortgages.
The book is expected to have an average loan size of approximately £135,000 and an average loan to value of approximately 78%.
John Kelly, Head of Mortgage Portfolio Acquisitions, said that Mortgage Express is pleased to have again worked with GMAC-RFC on this purchase.
“This purchase represents another significant step in our strategy of continued growth and the forward sale agreement we have with GMAC-RFC enables Mortgage Express to acquire up to £1.4bn of GMAC-RFC’s mortgage assets over 2005.”
Craig Beresford, Head of Asset Sales at GMAC-RFC, says: “This second trade with Mortgage Express in 2005 further strengthens the mutually beneficial relationship between us.
“The relationship we have with MX is fundamental to our core create and trade strategy. It has contributed in no small way to our continuing success.”
