Starling 'buys mortgage book' worth £1bn

Starling Bank has reportedly bought a mortgage book worth £1 billion.

According to the Mail on Sunday, which first reported the news, it is understood that the challenger bank has bought the home loans portfolio from Kensington Mortgages.

The newspaper said that the specialist lender focusses on mortgages for customers who don't have access to the best deals elsewhere, including those who are self-employed.

Earlier this year the bank bought buy-to-let specialist mortgage lender Fleet Mortgages for £50 million, marking the beginning of the FinTech challenger's wider acquisition and growth strategy.

The mortgage company, based in Hampshire, focuses on providing mortgages to professional and semi-professional buy-to-let landlords, only via mortgage adviser distribution channels.

In July it had originated £2.3 billion of mortgages and experienced zero credit losses. At the tie it had more than £1.75 billion of mortgages under management.

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