Bradford & Bingley takes on GM's mortgages

26 January 2005
Bradford & Bingley has said it will buy a mortgage book from General Motors' UK financing arm.

The bank intends to spend up to £1.4 billion on mortgages from GM to increase its exposure to the residential property market.

The mortgages will be purchased by Bradford & Bingley's Mortgage Express division in four blocks, at a minimum price of £50 million each.

Since September 2002 Bradford & Bingley has spent £3.1 billion buying mortgages from General Motors.

The new deal will up Bradford & Bingley's managed assets, which were £35.8 billion in June last year, by as much as 3.9 per cent.

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