Defunct lender appoints firm to manage £30bn mortgage portfolio

Defunct lender appoints firm to manage £30bn mortgage portfolio




UK Asset Resolution (UKAR), the holding company of failed bank Bradford & Bingley, has chosen software firm Computershare to manage £30bn of its mortgages..

UK Asset Resolution (UKAR), the holding company of failed bank Bradford & Bingley, has chosen software firm Computershare to manage £30bn of its mortgages.

UKAR was set up in 2010 to manage the closed mortgage books of Bradford & Bingley and Northern Rock, following their nationalisation.
The deal follows the sale of a £13bn portfolio of mortgage loans by UKAR to Cerberus in November last year, which Computershare will also service.
Richard Banks, Chief Executive Officer of UKAR, said: “The ability for UKAR to proceed with the divestment of its mortgage servicing capabilities demonstrates the value of the excellent debt management and customer service skills it has deployed.
“Today’s announcement is great news for customers and the taxpayer.
“The transaction will establish a long-term strategic solution for our mortgage servicing activities providing continuity of service for our customers and a sustainable future for our employees.”
Bradford & Bingley, along with its subsidiary Mortgage Express, became government-owned in 2008.
The lender’s savings and retail branch business was sold to Abbey, which later became Santander.

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