Scarborough Building Society Group has sold a mortgage portfolio to Lehman Brothers, the global investment bank, for £180m.
Despite the sale the assets of the portfolio, part of Scarborough’s wholly-owned subsidiary North Yorkshire Mortgages, will continue to be serviced by Scarborough’s third party administrator SMS Mortgage services. The announcement is the second sale of portfolios from North Yorkshire Mortgages in three months, following the sale in April of two portfolios from North Yorkshire Mortgages to Basinghall Finance, WestLB’s newly formed mortgage lender for £500m, again with administration to be provided by SMS Mortgage Services. Scarborough says the latest deal meets its intention to expand it...
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