Sub-prime mortgage business Start Mortgages to be sold by Investec
The deal involves Start’s brand, operations and employees. It also includes all of Start, and certain other, Irish-mortgage-related financial assets and liabilities.
It is believed that all of the jobs of Start Mortgages’ 70 staff are secure. They will move to the new business and continue to manage a total loan portfolio of €1.1bn.
For customers, it is understood existing contractual rights and repayment obligations will remain unchanged and any individual agreements with customers will be carried over.
The transaction is expected to take between two to three months to close.
Completion is expected towards the end of 2014 and is subject to regulatory approval.
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