New Terms for Mortgage Agreement

    RNS Number : 1345E
  Bradford & Bingley PLC
  23 September 2008
   

    


    Bradford & Bingley plc



    Bradford & Bingley and GMAC-RFC announce new terms for mortgage agreement

    Bradford & Bingley (the Company) and GMAC-RFC confirm today that they have successfully renegotiated the terms of their mortgage forward
sale agreement. 

    Under the original terms of the agreement, signed in December 2006, the Company agreed to purchase a minimum of �350m of UK mortgage
assets per quarter, with �1.75bn remaining to be purchased before the end of 2009. 

    Both businesses have agreed to revise the terms of this agreement to their mutual benefit whereby �500m of loans will be acquired in Q4
2008 and between �225m and �250m in Q1 2009 after which the agreement will cease. GMAC-RFC will receive in lieu, the equivalent of the
premium that would have been paid should the agreement have run the full term. 


    ENDS



 Contacts:
 Media                     Investor Relations
 Relations                   Katherine Conway
 Tony                     +44 (0) 1274 554928
 McGarahan                        Neil Vanham
 +44 (0) 7501             +44 (0) 1274 806341
 500164
 Matthew
 Newton,
 Finsbury
 +44 (0) 20
 7251 3801


This information is provided by RNS
The company news service from the London Stock Exchange
 
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