Bradford & Bingley buys arm of Lloyds TSB
Saturday 24 May 1997
Mortgage Express, which TSB acquired in 1986, suffered badly in the early 1990s housing recession thanks to its high risk portfolio of borrowers and the uncompetitive rates it was forced to charge to compensate for its higher than average default rate.
Lloyds TSB said it was selling Mortgage Express because it was no longer a good fit with C&G, the bulding society it acquired three years ago, and which specialises in more mainstream mortgage lending. The sale would avoid unnecessary duplication.
A spokesman for Bradford & Bingley said the company represented one of the last opportunities to buy a ready made niche lender to avoid the cost of setting up a new operation from scratch. It will sit alongside Bradford & Bingley's existing lending business and expand its target market to include people buying properties with a view to letting them and people on short term contracts who are unable to provide the security of a permanent staff position.
Mortgage Express operates from offices in Barnet, north London and employs about 300 staff. It currently has around 26,000 borrowers compared to a peak of 50,000. The business will continue to trade under its own name, with its existing management. Lloyds said it made a profit on the sale of about pounds 50m, which would be included in the bank's accounts for the half year to 30 June.
- 1 Jeremy Clarkson 'sees no problem' with his racist language on Top Gear, says BBC
- 2 'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
- 3 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 4 London restaurant 34 creates champagne glass modelled on Kate Moss’ left breast
- 5 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
Russell Brand opposes anti-Semitism after death threats: 'We must disavow all forms of prejudice that lead to exclusion and execution'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Microbial life found living on the exterior of the International Space Station, say reports
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
Bin bag full of cats' heads discovered near Manchester's Curry Mile
iJobs Money & Business
£30000 - £40000 per annum + benefits+bonus+package: Harrington Starr: C#.NET ...
£20000 - £30000 per annum + benefits+bonus+package: Harrington Starr: Junior D...
£550 - £650 per day: Orgtel: Business Analyst - Traded Credit Risk - Investmen...
£55000 per annum: Harrington Starr: A financial software vendor at the forefro...