OneSavings completes purchase of Melbourne Mortgages portfolio

29th Feb 2016 09:50

(ShareCast News) - OneSavings Bank added a portfolio of UK second charge mortgages to its books on Monday, completing the purchase from Melbourne Mortgages.The FTSE 250 banking firm said the portfolio had an initial outstanding balance of £14m as at 31 December 2015, was well-seasoned and predominantly performing.Onesavings had serviced the loans through its secured loans business, Prestige Finance, since origination, and the portfolio was therefore well-known to the company."The transaction is in the ordinary course of business for OSB and has been satisfied by cash from the company's existing resources," the bank's board said in a statement.