Mortgage Express, the wholly owned subsidiary of building society Bradford & Bingley, came to market recently with a GBP1 billion ($1.47 billion) mortgage securitization - the largest securitization of buy-to-let mortgages to come out of the U.K.

Lead managed by UBS Warburg and called Aire Valley Finance No. 2, the underlying pool is made up of more than 14,000 mortgages located in England and Wales, with a 69% concentration in London and southeast England. The outstanding balance of the loans was GBP1.05 billion at launch, with an average loan-to-value ratio of 72% and average seasoning of 15 months.

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