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Nationwide buys Bank of Ireland's UK mortgages

Monday, 17 October 2011 11:44 AM

Nationwide Building Society has bought the UK residential mortgage portfolio of the Bank of Ireland in a £1.1 billion deal that affects 14,000 borrowers.

The customers will transfer to Nationwide's subsidiary, The Mortgage Works, in December 2011.

The mortgages are in England, Scotland and Wales and have an average loan to value (LTV) of 50 per cent. None of them were in arrears at the time of the deal.

Nationwide said the new customers could be assured that their mortgages will be managed by one of the most respected and secure financial institutions on the high street.

The deal consolidates its position as the UK's third biggest UK mortgage lender. Its The Mortgage Works arm has over 20 years experience in the market.

Graham Beale, chief executive of Nationwide, said: "This is excellent news for Nationwide and for our customers. We have acquired a high quality portfolio of low-risk mortgages with an impressive LTV ratio that brings real value to the Society.

"Our new customers can take confidence in the fact that their mortgages are now being looked after by the world's biggest building society with over 150 years experience of helping people own their home."

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