14:57 PM, 27th February 2017, About 5 years ago 6
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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