UK mortgage lender Bradley & Bingley boosts funding

UK mortgage lender Bradford & Bingley today sold £4.2bn (€5.8bn) of loans as it moved to boost cash reserves at a time of soaring wholesale funding costs.

The buy-to-let specialist will make a loss of between £15m (€20.9bn) and £40m (€55.7bn) on the sale of the two loan books, but it pointed out the disposals will improve cash flow at a crucial stage.