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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When you see an orange banner indicating member status of The Landlords Union on comments or a member profile you can be certain that person is sufficiently passionate about our cause to commit financial support.

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.

Landlords Union Objectives 

• To research and encourage the sharing of best practice
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• To ensure greater consideration is given to consequences of legislation affecting the UK private rented sector before it is implemented.
• To provide an effective deterrent to rogue operators preying on private housing providers, not only with a voice but also with teeth in terms of legal capability and the contacts and funding necessary to back it.

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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.

We also have a second tier of membership called “Lifetime Membership”. This is particularly attractive to landlords who wish to benefit directly from representative action legal campaigns being undertaken by TLU. The most prolific representative action to date was against The West Bromwich Mortgage Company. Under the banner of “Property118 Action Group” we successfully recovered £27,500,000 of overcharged tracker mortgage interest on behalf of UK landlords.

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.

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