Skipton Building Society has announced the sale of its Amber Homeloans Limited and North Yorkshire Limited mortgage portfolio to an affiliate of a fund managed by a global investment management firm.

The portfolio is estimated be worth £220 million and consists of 1,600 UK mortgages The transaction is due to complete by the end of Apri.

Skipton Group chief executive David Cutter says: “This is a good transaction for our members as it strengthens an already strong balance sheet and allows us to focus on our core target market.”