Metro Bank, the trendy challenger best known for the bowls of dog biscuits it leaves around its stores, says it has just bought a portfolio of UK mortgages for just under £600m.
The lender said it had bought the portfolio, which was “well diversified across the UK”, from Cerberus European Residential Holdings for £596.7m.
The portfolio, which has a similar credit risk profile to the lender’s current mortgage book, is 92 per cent made up of buy to let mortgages, with the remainder made up of owner-occupied properties.
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