The UK buy-to-let lender was put on the market after the Irish Central Bank’s Prudential Liquidity Assessment Review in April forced state-owned banks to deleverage.
Bob Young, managing director of CHL, confirmed that its parent company Permanent TSB – owned by Irish Life & Permanent – had appointed KPMG to handle the sale.
Young said: “The sale process is recently underway. CHL is a tightly run business with well managed cost controls in place.
“We have 110 people on board looking after £6.5bn worth of mortgages and at the end of July our three month plus arrears were just 1.8%.”
Council of Mortgage Lenders figures show the industry average for three month plus arrears was 1.57% in Q2 2011.
Under the terms of PLAR, CHL must be sold by 2013. It closed its doors to new lending in 2008.
Northern Rock declined to comment.
