The deal worth �470m is the second of its kind with GMAC-RFC, a UK-based lender which is part of US General Motors group.

It follows the acquisition of 6,000 loans from the same company in September 2002.

It means B&B's managed assets, which stood at �26.6bn on 31st December 2002, will increase by about 2%.

Mortgage Express - the specialist lending arm of the B&B - concentrates on niche mortgages, such as loans for the self-employed, buy to let and 100% loans.

Christopher Rodrigues, Group CEO, said: "This transaction reflects our stated strategy of driving growth both organically and through acquisition."