Britannia Building Society yesterday bought a pounds 1. It's got value for our members," said Trevor Bayley, finance director of the Britannia, declining to disclose how much the society had paid for the mortgages.
He said it was one of the society's largest deals and did not rule out further acquisitions. Citibank customers will not notice immediately any difference to the way their mortgages are handled. Britannia intends to write to the 30, Citibank customers whose mortgages it now owns in the next few weeks to inform them how their mortgages will be administered. The mortgages cover a range of properties throughout the country and the loans range from variable rate to special loans for customers with small deposits and fixed-rate deals. Citibank Customer Bank is left with pounds m of mortgages in its portfolio, which it intends to keep.
The mortgages it sold to Britannia were for customers who only used Citibank for their mortgage and no other service. You can find our Community Guidelines in full here. Want to discuss real-world problems, be involved in the most engaging discussions and hear from the journalists? Start your Independent Premium subscription today. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium.
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Co-op Bank and Britannia launch 85% LTV deal - Mortgage Strategy
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Why is this news? Halifax have had the capability to mix and match up to 6 products on the same mortgage for in excess of 10 years. The rest obviously have such low expectations and crap computer systems that they are now trying to catch up! You must be logged in to post a comment. Providing trusted insight for professional advisers.
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