Bradford & Bingley plc today issued its preliminary results for 2003 which highlighted the major contribution Mortgage Express made towards the Group's £9.9bn of new lending. These results demonstrate that the Group's selective lending strategy continues to be successful.
In 2003, Mortgage Express' book grew to £13.6bn, with gross advances totalling £7.2bn. Mortgage Express' selective lending now accounts for the largest part of the Group's total lending.
Additionally, Mortgage Express' online facilities continue to lead the field with initiatives such as the launch of the '30 second decision in principle'. In 2003, online completions reached £1.6bn, confirming the company's commitment to online technology.
Awards
Mortgage Express won a number of consumer and industry awards in 2003, confirming its reputation for good customer service and market-leading products. These include:
* Your Mortgage Best Buy-to-Let (sixth year running) and 100% Mortgages (second year running)
* Mortgage Strategy Best Buy-to-Let Mortgage (second year running)
* Mortgage Adviser & Home Buyer Magazine Best Buy-to-Let Mortgage.
Portfolio Acquisitions
Mortgage Express is committed to growth, both organically and through acquisition. In 2003, Mortgage Express made five mortgage loan portfolio purchases from GMAC-RFC, for a total consideration of £1.45bn.
As part of an agreement announced in December 2003, the purchase of up to £1.4bn of mortgage loan portfolios from GMAC-RFC is planned for 2004.
Products
Mortgage Express has continued to build on its track record for innovative product design by launching the Lifetime Mortgage in October 2003. Response to this equity release product has been positive, surpassing the first 100 completions landmark sooner than anticipated. A buy-to-let product for limited companies, launched in February 2003, has also been well received.
Tim Dawson, Managing Director, said: ''It has been another successful year for Mortgage Express. Our strategy of delivering market-leading products to brokers and customers has reaped outstanding results.''
'We will build on this success in 2004 by placing an even greater focus on customer service, improving online facilities and enhancing our product range. I would like to thank our intermediary partners for working with us in 2003, and look forward to building an even closer partnership with them in 2004'' he added.
