Agreement to acquire prime mortgage portfolios

Bradford & Bingley plc is pleased to announce that it has today signed an agreement with Kensington Group plc that enables the Group to acquire up to £2 billion of prime residential mortgage portfolios in total over the next two years.

The acquisitions will be made on a monthly basis and each portfolio will comprise a blend of prime buy-to-let, self-cert and standard loans, in line with strict credit parameters. The acquired loans will be on similar credit terms to those originated through Bradford & Bingley’s direct and intermediary specialist lending channels. Bradford & Bingley will carry out due diligence to confirm they meet the Group’s credit standards.

Bradford & Bingley Group is delighted to enter into this business relationship with Kensington and looks forward to working with them.