For sale sell house uk housing market uk house prices

UK Government announces sale of 66,000 mortgages  

Sixty-six thousand mortgages and unsecured loans originally held by NRAM, formerly part of failed lender Northern Rock, are to be sold.

The Government has announced that UK Asset Resolution (UKAR) which was created in 2010 to manage the loan books of NRAM and Bradford and Bingley, will be selling approximately 39,000 residential mortgages and 27,000 unsecured loans worth £4.9 billion to investment bank Citi, following a competitive auction.

Treasury reassurance for borrowers

The Treasury has confirmed that it has agreed a ‘non-negotiable package of consumer protections’ to ensure customers terms and conditions remain exactly the same.  NRAM borrowers have been advised that there is no need to take action and that mortgage and loan repayments should be made as usual.

“A key element in selecting the successful bidder was the treatment of customers. All bidders were required to agree to a non-negotiable package of customer protections before their bid was considered” said Chancellor of the Exchequer Philip Hammond.

New mortgage deals will not be available

Citi has confirmed that new mortgage deals will not be offered to customers, although borrowers that want to remortgage to another lender will face no financial penalties or early repayment charges if they choose to change lender at this time.

However, customers could be affected by future changes in the standard variable rate, which might leave some stuck paying higher rates if they cannot pass the affordability checks and switch lenders. However, the Treasury has said that any new SVR must be linked to the SVRs of regulated active lenders (e.g. high street banks and building societies), affording some protection from excessive rate increases in the future.

Chancellor Philip Hammond said:  “Today’s sale enables us to recover the full amount taxpayers loaned to Northern Rock and Bradford & Bingley, helping us pay down our debts and strengthen our finances for the future.”

 

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

STAY AHEAD OF THE MARKET

Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT