The successful transfer of £12 billion worth of buy-to-let mortgages has been completed.
Last year, Blackstone and Prudential purchased the book of mortgage loans from Bradford & Bingley and Mortgage Express.
The transfer was handled by Computershare, the UK's largest third-party mortgage administrator and also the parent company of The Deposit Protection Service.
Computershare provided a full suite of administration services, including acting as legal title holder, master servicer and long-term servicer for all of the assets.
“After months of hard work we’re very happy to announce the milestone of this successful transfer of this large book of mortgages into the private sector," says Andrew Jones, chief executive officer at Computershare Loan Services.
“Our work with Prudential and Blackstone reflects the trust placed in us to deliver high levels of service to customers and a seamless and secure transition of the assets."
A spokesperson for Computershare has confirmed to Letting Agent Today that the transfer will not involve any changes to existing terms and conditions of the mortgages.