OneSavings Bank plc (OSB) has completed the cash purchase of a portfolio of UK second charge mortgages from Melbourne Mortgages Limited.
The portfolio has a principal outstanding balance of £14m as at 31 December 2015 and OSB says it is “well seasoned and predominantly performing”.
The loans have since origination been serviced by OSB’s secured loans business, Prestige Finance, and are therefore well known to the company.
OSB subsidiary Rochester Mortgages Limited recently entered into a mortgage sale agreement to acquire approximately £396m of UK residential mortgage loans from DB UK Bank, a subsidiary of Deutsche Bank.