The Nationwide Building Society has acquired part of Bank of Ireland’s UK residential mortgage portfolio.
The deal, worth £1.1 billion, will see over 14,000 Bank of Ireland mortgage customers transfer to Nationwide’s subsidiary, The Mortgage Works, in December 2011.
The mortgages are all in England, Scotland and Wales, with an average LTV of approximately 50%.
The Nationwide said that at the time of the deal, none of the accounts are in arrears.
Graham Beale , chief executive of Nationwide, said: “This is excellent news for Nationwide and for our customers. We have acquired a high quality portfolio of low-risk mortgages with an impressive LTV ratio that brings real value to the Society.