Mortgage Express loan book sale by UKAR?

It has been reported that Blackstone Group LP and Prudential Plc have been selected as the preferred buyers of Bradford and Bingley, which includes Mortgage Express, by the government owned UK Asset Resolution (UKAR).

The acquisition by Balckstone and the Pru insurers is for £12.5 billion of mortgage lending of which 70% is Buy to Let lending

UKAR said in a statement on Saturday, “this process is confidential and we are contractually obliged to maintain that confidentiality.” Blackstone and the Pru have also declined to comment on the report first released by Bloomberg.

Selling the loan book, which includes £3 billion of under performing accounts, will cut UKAR’s assets to around £24 billion resulting in an 80% reduction the government owned balance sheet since it first took on mortgages from Bradford and Bingley and Northern Rock in 2010. Cerberus purchased £13 billion of Northern Rock mortgages in 2015.

Chancellor of the Exchequer Philip Hammond restarted the sale process in October after putting it on ice following the Brexit vote in June last year. Hammond is continuing George Osborne’s work to dispose of banking assets acquired during the credit crisis of 2008.

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A growing number of landlords contribute monthly from as little as £5 to The Landlords Union “TLU” helping to fund research, campaign work and lobbying for landlords and businesses operating within the Private Rented Sector.

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• To research and encourage the sharing of best practice
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As landlords and associated professionals we must unite. We must respond to increasing legislative demands, fight injustices and encourage the media to balance their generally negative reporting towards landlords and the PRS.

We are vital providers of housing, supporting the mobility of workers and people who are unable or unwilling to take on debt to own their own homes. We trust you will agree that more work needs to be done for the general population to have these facts at ‘front-of-mind’ when thinking about private housing providers.

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Numerous similar legal campaigns are underway on a no-win-no-fee basis, further details of which will be provided when you become a regular TLU member.