5th May 2015 05:34
LONDON (Alliance News) - Barclays PLC is preparing to sell a GBP2 billion package of second-charge mortgages and loans made via its Firstplus brand, more than a decade after it first floated plans to dispose of the subsidiary, the Financial Times reported on Monday.
Barclays has been in talks with a number of new banks, which the newspaper did not name, in recent weeks about selling the portfolio, according to sources close to the situation. The GBP2 billion business, acquired as part of the takeover of Woolwich in 2000, was moved to Barclays' non-core arm in May and has not issued any new loans for six years.
Brokers said the brand had been the subject of controversy as it offered borrowers with impaired credit histories the opportunity to consolidate their debt through second mortgages lent against their homes.
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By Sam Unsted; [email protected]; @SamUAtAlliance
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