Skipton subsidiary wins deal for mortgage book

HML has won a contract to manage the sub-prime mortgage book of Bank of America-owned Mortgages plc, writes Business Editor Bernard Ginns.

By The Newsroom

Published 11th Feb 2010, 09:54 BST

Updated 11th Feb 2010, 09:54 BST

The outsourcing firm, which is a subsidiary of Skipton Building Society, will administer more than 3bn worth of mortgages on UK properties on behalf of its new client.

It is understood some staff from Mortgages plc have been transferred to HML.

Mortgages plc, which has offices in London, Glasgow, Scarborough and Skipton, was founded in 1998 and focused on providing home loans to people who could not borrow from high street lenders.

It has been a wholly-owned subsidiary of Merrill Lynch since 2004. The Bank of America, which is the nation's biggest holding bank, bought Merrill Lynch in 2008.

HML is regarded as one of Skipton's best-performing subsidiaries. It manages 46bn worth of assets on behalf of 30 different lenders. HML declined to comment.

Bank of America could not be reached for comment.