OneSavings completes purchase of Melbourne Mortgages portfolio

OneSavings Bank added a portfolio of UK second charge mortgages to its books on Monday, completing the purchase from Melbourne Mortgages.

The FTSE 250 banking firm said the portfolio had an initial outstanding balance of £14m as at 31 December 2015, was well-seasoned and predominantly performing.

Onesavings had serviced the loans through its secured loans business, Prestige Finance, since origination, and the portfolio was therefore well-known to the company.

"The transaction is in the ordinary course of business for OSB and has been satisfied by cash from the company's existing resources," the bank's board said in a statement.